Latest news with #JamesRoche
Globe and Mail
16-07-2025
- Business
- Globe and Mail
FICO European Fraud Map: UK Leads in 'Card Not Present' Fraud and Total Losses
The FICO European Fraud Map 2024 has revealed a worrying trend of rising card fraud levels and losses across the continent. The data from Euromonitor International on 18 countries shows that Card Not Present (CNP) fraud dominates card fraud losses and has increased across most countries. E-commerce fraud, e-wallet, social engineering and QR code fraud or 'quishing' are all rising as well. More information: Highlights Card fraud losses across EMEA have increased from €1,493m in 2021 to €1,578m in 2024 UK card fraud increased by 4% to £572.6 million since 2023 CNP fraud accounts for around 70% of total card fraud losses in the UK – increasing by 11% year on year Hungary saw the greatest increase across Europe at 22% — card fraud losses also dramatically increased in Norway, Denmark and Hungary Portugal and the Netherlands are the only countries to see fraud levels fall 'While card fraud loss figures are still lower than the 2015 peak of €1,642 million, the last few years show that fraud in Europe is steadily rising back up towards this figure,' commented James Roche, principal fraud consultant for FICO in EMEA. 'The UK has followed a similar trajectory to the rest of Europe, aligning with what FICO has seen in terms of the dominant fraud MOs that plague both the UK and Europe, as well as the common approaches taken in the last decade via initiatives such as PSD and PSR.' Card Losses Grow in UK In 2024, UK Finance reported £572.6 million in total card fraud losses, a 3.9% increase from £551.3 million in 2023. This goes against the trend of the past few years of falling card losses and a broader trend of stabilisation in the UK payments landscape, which is a cause for concern. Card Not Present (CNP) fraud remained the leading fraud category, accounting for around 70% of total card fraud losses. This marks an increase of 11% from 2023 and puts the UK at the top of the league table for CNP fraud losses in Europe, underscoring the persistent risk associated with remote transactions. Conversely, identity (ID) fraud losses dropped significantly by 26% to £58.7M, pointing to a shift in criminal behaviour away from ID theft and towards social engineering, data compromises and scams. The growing use of fraud enhancements such as biometric and behavioural monitoring tools are also likely to have contributed to the decrease. Plus, continued investment by UK and EU financial services in full customer journey visibility and data sharing is enabling identity characteristics to be monitored from onboarding through early book and ongoing lifecycle stages of the customer journey. 'The UK has long been a leader in deploying innovative fraud technology, and clearly the challenges are still growing,' Roche said. 'With PSD3 regulations now taking effect across Europe, we see fraud prevention teams moving towards a unified approach to fraud risk assessment. Continued investment in preventative tools, such as Scam Signal, and intelligence-led fraud detection remain critical to protecting card portfolios from evolving threats.' The Picture across Europe Other highlights from the FICO European Fraud Map show the impact card fraud is having across the region : In Norway fraud losses have dramatically increased over the last few years from €14M in 2021 to €26.4M, rising 8% in 2024. Denmark demonstrated a more than twofold increase in fraud losses (€19.6M to €47.6M) since 2021, and a concerning 20% rise in 2024 alone. In Hungary, fraud losses jumped from €3.3M to €22.4M from 2021 to 2024, rising by 22% in 2024. Greece has also seen a significant increase, with a twofold increase from €13.4M to €28.4M since 2021 and 20% in 2024. Sweden's losses have risen significantly from €13.1M to €24.2M, an increase of around 85% in three years, and 19% during 2024. Despite the overall EMEA loss picture trending slowly upwards, a few countries are seeing a downward trend in their card fraud losses: France's losses are slowly but steadily decreasing and have done so consistently since their peak at €433.2M in 2018. They now sit at €409.2M, the second highest losses of the 18 countries studied but setting a good example for controlling their losses. Turkey showed significantly lower losses at €1.1M for 2024, but they too are reducing their fraud losses consistently and have done since their peak at €14M in 2010. However, 2024 saw fraud rise by 5% in Turkey. 'With PSD3 regulations due to take effect across Europe in the next couple of years, financial institutions must work harder than ever to fight new fraud patterns and improve customer service,' said Roche. 'We are seeing a number of emerging approaches that unify protection that is currently siloed, using 360-degree customer profiling to assess fraud and financial crime risk across all channels and products and throughout the entire lifecycle of the customer (onboarding through to offboarding). We at FICO believe this approach is absolutely critical, as criminals look for the weakest link in fraud defences.' FICO's fraud solutions portfolio includes the AI-powered FICO ® Falcon ® Fraud Manager , which protects more than 4 billion cards worldwide; FICO ® Omni-Channel Communications for Fraud , available on FICO® Platform; and award-winning models for scam detection, as well as the award-winning Scam Signal product developed with Jersey Telecom. About FICO FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 80 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency. Learn more at
Business Wire
16-07-2025
- Business
- Business Wire
FICO European Fraud Map: UK Leads in 'Card Not Present' Fraud and Total Losses
LONDON--(BUSINESS WIRE)--The FICO European Fraud Map 2024 has revealed a worrying trend of rising card fraud levels and losses across the continent. The data from Euromonitor International on 18 countries shows that Card Not Present (CNP) fraud dominates card fraud losses and has increased across most countries. E-commerce fraud, e-wallet, social engineering and QR code fraud or 'quishing' are all rising as well. 'While card fraud loss figures are still lower than the 2015 peak of €1,642 million, the last few years show that fraud in Europe is steadily rising back up towards this figure.' - James Roche, FICO Share Highlights Card fraud losses across EMEA have increased from €1,493m in 2021 to €1,578m in 2024 UK card fraud increased by 4% to £572.6 million since 2023 CNP fraud accounts for around 70% of total card fraud losses in the UK – increasing by 11% year on year Hungary saw the greatest increase across Europe at 22% — card fraud losses also dramatically increased in Norway, Denmark and Hungary Portugal and the Netherlands are the only countries to see fraud levels fall 'While card fraud loss figures are still lower than the 2015 peak of €1,642 million, the last few years show that fraud in Europe is steadily rising back up towards this figure,' commented James Roche, principal fraud consultant for FICO in EMEA. 'The UK has followed a similar trajectory to the rest of Europe, aligning with what FICO has seen in terms of the dominant fraud MOs that plague both the UK and Europe, as well as the common approaches taken in the last decade via initiatives such as PSD and PSR.' Card Losses Grow in UK In 2024, UK Finance reported £572.6 million in total card fraud losses, a 3.9% increase from £551.3 million in 2023. This goes against the trend of the past few years of falling card losses and a broader trend of stabilisation in the UK payments landscape, which is a cause for concern. Card Not Present (CNP) fraud remained the leading fraud category, accounting for around 70% of total card fraud losses. This marks an increase of 11% from 2023 and puts the UK at the top of the league table for CNP fraud losses in Europe, underscoring the persistent risk associated with remote transactions. Conversely, identity (ID) fraud losses dropped significantly by 26% to £58.7M, pointing to a shift in criminal behaviour away from ID theft and towards social engineering, data compromises and scams. The growing use of fraud enhancements such as biometric and behavioural monitoring tools are also likely to have contributed to the decrease. Plus, continued investment by UK and EU financial services in full customer journey visibility and data sharing is enabling identity characteristics to be monitored from onboarding through early book and ongoing lifecycle stages of the customer journey. 'The UK has long been a leader in deploying innovative fraud technology, and clearly the challenges are still growing,' Roche said. 'With PSD3 regulations now taking effect across Europe, we see fraud prevention teams moving towards a unified approach to fraud risk assessment. Continued investment in preventative tools, such as Scam Signal, and intelligence-led fraud detection remain critical to protecting card portfolios from evolving threats.' The Picture across Europe Other highlights from the FICO European Fraud Map show the impact card fraud is having across the region: In Norway fraud losses have dramatically increased over the last few years from €14M in 2021 to €26.4M, rising 8% in 2024. Denmark demonstrated a more than twofold increase in fraud losses (€19.6M to €47.6M) since 2021, and a concerning 20% rise in 2024 alone. In Hungary, fraud losses jumped from €3.3M to €22.4M from 2021 to 2024, rising by 22% in 2024. Greece has also seen a significant increase, with a twofold increase from €13.4M to €28.4M since 2021 and 20% in 2024. Sweden's losses have risen significantly from €13.1M to €24.2M, an increase of around 85% in three years, and 19% during 2024. Despite the overall EMEA loss picture trending slowly upwards, a few countries are seeing a downward trend in their card fraud losses: France's losses are slowly but steadily decreasing and have done so consistently since their peak at €433.2M in 2018. They now sit at €409.2M, the second highest losses of the 18 countries studied but setting a good example for controlling their losses. Turkey showed significantly lower losses at €1.1M for 2024, but they too are reducing their fraud losses consistently and have done since their peak at €14M in 2010. However, 2024 saw fraud rise by 5% in Turkey. 'With PSD3 regulations due to take effect across Europe in the next couple of years, financial institutions must work harder than ever to fight new fraud patterns and improve customer service,' said Roche. 'We are seeing a number of emerging approaches that unify protection that is currently siloed, using 360-degree customer profiling to assess fraud and financial crime risk across all channels and products and throughout the entire lifecycle of the customer (onboarding through to offboarding). We at FICO believe this approach is absolutely critical, as criminals look for the weakest link in fraud defences.' FICO's fraud solutions portfolio includes the AI-powered FICO ® Falcon ® Fraud Manager, which protects more than 4 billion cards worldwide; FICO ® Omni-Channel Communications for Fraud, available on FICO® Platform; and award-winning models for scam detection, as well as the award-winning Scam Signal product developed with Jersey Telecom. About FICO FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 80 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency. Learn more at FICO and Falcon are registered trademarks of Fair Isaac Corporation in the United States and other countries.
Business Wire
19-06-2025
- Business
- Business Wire
FICO Survey: UK Consumers Trail Europeans in Real-Time Payments
LONDON--(BUSINESS WIRE)--An international survey on the uptake, trust, and future of real-time payments (RTP) from global analytics software leader FICO suggests that UK consumers are behind other European markets. Of the five surveyed countries in EMEA, the UK had the smallest number of consumers who had sent an RTP. Key Findings: 79% of UK consumers have sent RTP, compared with 94% in Sweden and 83% in Germany 35% of UK consumers consider RTP to be more secure than a credit card, compared to the global average of 51% Only 25% of Dutch consumers consider RTP to be more secure than a credit card; 28% of Germans, 29% of Swedish consumers and 40% of Spanish shoppers More information: At 79%, while representing the majority, RTP usage in the UK is not up to the high usage levels in Sweden, Germany, the Netherlands and Spain. 'This highlights the need for UK banks to focus on building confidence in the security of the payment method,' said James Roche, principal fraud consultant for FICO in EMEA. 'Nearly a quarter of Brits (23%) say they do not know if RTP processes include enough security checks.' FICO's survey of 12,000 individuals across 14 countries revealed that only 35% of UK consumers consider RTP to be more secure than a credit card, well below the global average of 51%. This may reflect consumers' awareness of scam losses, which UK Finance recently reported exceeded £450 million in 2024. 'Our research suggests that consumers are very wary, given the high rate of authorised push payment fraud and the potential for losses,' commented Roche. 'It's imperative for banks to communicate risks and warnings to their customers while providing a strong scam defence. 'Banks that use scam protection technology will put themselves and their customers in the best position to protect their finances,' Roche added. 'Additionally, they need to be flexible and customer-focused in their use of communication channels. As RTP usage continues to grow, consumers will expect their banks to equip them with the tools, education, and automated fail-safes to help prevent scam losses.' About FICO FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 80 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency. FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.
