UK banks outperform Europe in reducing card fraud

UK banks reduced fraud losses by £52m to £620m in 2019, according to the FICO European fraud map.

Based on data from Euromonitor International and UK Finance, the report showed that more than half the countries saw increases in card fraud losses in 2019.

The report also showed that France and Italy recorded the largest value increases in fraud losses, and combined were responsible for 71% of the monetary loss increases in Europe. France saw an increase of just over €7m to €440m, and Italy saw an increase of just under €6m to €67.1m.

Toby Carlin, director of fraud consulting at FICO, said: “British consumers should be reassured that the United Kingdom achieved the largest single reduction in fraud.”

Recently, new data showed that the UK banking protocol scheme stopped £19m of fraud in the first half of 2020.