Card losses in Europe are increasing sharply, according to a new report by Euromonitor International, which plotted payment fraud across the continent.
Although “the U.K. had the highest losses, mainly fuelled by card not present fraud, France and Greece both had higher ratios of fraud losses to card sales, at 7 basis points (.07 percent),” the report said. And fraud grew fastest in Russia, jumping nearly 28 percent.”
France fared better than most, with payment fraud losses growing just one percent in 2013. Still, that’s of a little long-term comfort, as the report said “that still puts losses 34 percent higher than those in 2008 and 70 percent higher than 2006.” Also, the raw Euros of France’s losses are still unpleasant, as the report found that “France currently has the second-highest fraud losses of any European country, behind only the U.K.”
On the plus side, the Netherlands sharply reduced card fraud, some 10.7 percent. It’s fraud rate is 30 percent less than what it suffered in 2008.
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