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With the total value of fraudulent transactions annually amounting to €1.8 Billion, according to the latest European Central Bank (ECB) report, the need for fraud prevention services has never been greater. We believe that the payment industry needs to tackle the problem of fraud where it starts, in many cases on the Internet and not just where it ends with the customer if we want to ensure trust in our product and services.It is vital for consumers to continue embracing digital solutions that so many market players in the payment industry are seeking to promote to their customers.
The challenges and threats ahead for the European payment industry are many and this report provides an overview of developments that market players are facing right now.
Among these are the increases across Europe in Card Not Present (CNP) fraud, which now represents almost 80% of the total volume of fraudulent card transactions. Among the factors driving the increases are changes in customer behaviour, but also stronger fraud prevention in other areas, which is forcing fraudsters to seek new sources of illicit income.
Organised crime has caught on to online fraud and are taking advantage of the fact that various types of fraud and scams are readily available for sale on the Internet – also known as Fraud as a Service (Faas) – as are card numbers. This together with the low risk of prosecution makes digital crimes appealing for the criminals.
