The UK has faced significant losses due to card fraud
According to Buy Shares, Europe’s card fraud value has hit €1.55 billion with the UK accounting for almost half at 45.3%. Meanwhile, Romania has the least card fraud value at €2.9 million.
Turned out that the distribution of fraud losses on UK-issued debit and credit cards based on type. For instance, remote purchases accounted for the largest share at 76%. Meanwhile, cards not received account for the least share at 1%.
The research also reveals that the Card not Present (CNP) fraud keeps gaining popularity. That is happening in a period when the majority of customers are turning away from using their physical cards.
It has been stated that CNP fraud has become more popular amid e-commerce growth and the increased security around other types of fraud.
We’ve reported that in the UK, there were nearly 15,000 impersonation scam cases reported between January and June 2020. That’s an increase of 84% compared to the same period last year.