Latest news with #ecommercefraud
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
Yahoo
03-07-2025
- Business
- Yahoo
$48k lost to food ad scams on social media; Certis scraps sick leave tracking: Singapore live news
Singapore police have reported 77 cases of food advertisement scams since mid-June, with victims losing at least $48,000. Fraudsters used fake durian and snack deals on TikTok, Facebook, and Instagram to lure users into phishing sites, according to the Straits Times. Victims entered banking details and OTPs, leading to unauthorised charges and compromised YouTrip wallets. The scams exploit seasonal demand and social media reach, prompting police to urge caution and promote resources like ScamShield. As e-commerce fraud rises, Singaporeans are advised to verify sellers and avoid clicking suspicious links. Certis, one of Singapore's leading security firms, has officially scrapped its controversial policy requiring frontline officers on medical leave to share their live location if found away from home. The reversal follows union-led negotiations and public criticism over privacy concerns, reported by the Straits Times. Introduced in April 2025, the policy was intended to curb sick leave abuse but sparked backlash for being overly intrusive. Certis clarified that terminations only occurred after fair investigations and pledged to improve internal communications. Monthly engagement sessions with staff will now be held to promote transparency and rebuild trust. Read more in our live blog below, including the latest local and international news and updates. Singapore security firm Certis has officially dropped its real-time location tracking policy for frontline officers on medical leave, following discussions with the Union of Security Employees (USE). The move comes after public backlash and internal concerns over privacy and trust, according to the Straits Times. Implemented in April 2025, the policy required officers to share live location data via WhatsApp or video if they weren't found at home during surprise visits. Certis claimed the measure was aimed at curbing sick leave abuse, not punishing staff. USE pushed back, arguing that medical leave should be used for rest, not surveillance. The union emphasised that while abuse shouldn't be condoned, intrusive tracking undermines morale and workplace culture. Certis clarified that terminations only occurred after fair investigations, citing rare cases of officers traveling overseas while on medical leave. The company denied firing staff solely for being absent during home checks. As part of the resolution, Certis and USE will co-host monthly engagement sessions, aiming to improve communication and rebuild trust with its 12,000-strong workforce. A wave of food advertisement scams has hit Singapore, with 77 victims losing $48,000 since mid-June. The scams are spreading via TikTok, Facebook, and Instagram. According to the Straits Times, fraudsters lure users with heavily discounted food offers, especially durians, then redirect them to phishing sites. Victims unknowingly hand over sensitive banking data, leading to unauthorised charges and compromised accounts. YouTrip users were especially vulnerable, with scammers triggering login requests and hijacking wallets. Some victims saw foreign currency transactions they never authorised. Police say the scams reflect a growing trend, where seasonal cravings and social media combine to create fertile ground for fraud. They advise checking seller legitimacy and avoiding direct bank transfers. If the deal smells fishy, it's probably rotten. Singapore security firm Certis has officially dropped its real-time location tracking policy for frontline officers on medical leave, following discussions with the Union of Security Employees (USE). The move comes after public backlash and internal concerns over privacy and trust, according to the Straits Times. Implemented in April 2025, the policy required officers to share live location data via WhatsApp or video if they weren't found at home during surprise visits. Certis claimed the measure was aimed at curbing sick leave abuse, not punishing staff. USE pushed back, arguing that medical leave should be used for rest, not surveillance. The union emphasised that while abuse shouldn't be condoned, intrusive tracking undermines morale and workplace culture. Certis clarified that terminations only occurred after fair investigations, citing rare cases of officers traveling overseas while on medical leave. The company denied firing staff solely for being absent during home checks. As part of the resolution, Certis and USE will co-host monthly engagement sessions, aiming to improve communication and rebuild trust with its 12,000-strong workforce. A wave of food advertisement scams has hit Singapore, with 77 victims losing $48,000 since mid-June. The scams are spreading via TikTok, Facebook, and Instagram. According to the Straits Times, fraudsters lure users with heavily discounted food offers, especially durians, then redirect them to phishing sites. Victims unknowingly hand over sensitive banking data, leading to unauthorised charges and compromised accounts. YouTrip users were especially vulnerable, with scammers triggering login requests and hijacking wallets. Some victims saw foreign currency transactions they never authorised. Police say the scams reflect a growing trend, where seasonal cravings and social media combine to create fertile ground for fraud. They advise checking seller legitimacy and avoiding direct bank transfers. If the deal smells fishy, it's probably rotten.
