60% drop in credit card fraud

Credit card fraud has fallen in our region by an amazing 60 percent between March 2009 and March 2011, according to new research published this week.

Martin Warwick, FICO’s Fraud Chief in Europe, the Middle East and Africa, who published the report said, “Our analysis of the data shines a spotlight on the tremendous change that has occurred in the UK and Europe’s fraud landscape.

Chip and PIN technology has radically driven down counterfeit and other forms of ‘card present’ fraud in the UK, which just three years ago accounted for some 60% of Europe’s credit card fraud.

In response, criminals are operating across borders, targeting countries such as Germany that have weaker detection and prevention capabilities, and shifting their attention to card-not-present schemes such as online fraud.”

“It’s worth noting that in the two-year period, only about 1 percent of cards we studied were affected by fraud,”