According to research conducted by the US analytics specialist Fico and data provider Euromonitor, in 2011 the total value lost to fraud has fallen from USD 2,004 million to USD 2,597 million in 2008.
With regard to losses registered by country, in 2011, results have indicated that the UK has registered the highest losses due to card fraud (USD 548, 8 million) followed by France (USD 410, 1 million), Spain (USD 257, 9 million), Germany (USD 185 million) and Switzerland (USD 98, 8 million).
The same source has also revealed that counterfeiting cards has become much more difficult, with a sharp drop in losses to counterfeit fraud. Meanwhile, frauds in the ‘card not present’ and ‘ID fraud’ categories have grown, as fraudsters switched to more complex and cross-border tactics.
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