New findings from FICO claim that UK card fraud accounts for over half of all losses across Europe.
The firm's new European Fraud Map reveals that UK card fraud losses hit over £671 in 2018, representing a 19% increase from the losses accumulated in 2017.UK card fraud losses amount to almost half of the £1.6 billion in total losses recorded across the 19 countries in the European interactive map, including Ukraine, Russia, and Turkey. £506.4 million in losses is said to come from card-not-present (CNP) channels, dominated by the world of online fraud.
While more fraud is being prevented today than ever before, the total value lost is still on the rise. Personal information being compromised in today's biggest breaches makes it that much easier for cybercriminals to impersonate consumers and businesses alike, so both parties need to be more vigilant. It's important to note that hackers are continuing their growth and diversification of social engineering fraud which includes tactics like phishing and whaling.
The UK's Faster Payment and Europe's SEPA Instant Credit Transfer initiatives have made making payments across the continent quick and easier than ever before, but it's also helped scammers get away with and fraudulently obtain funds before anyone can stop them.
The key to fighting the threat of online fraud is to establish security best practices to defend against data compromise. The twenty CIS Controls is a great place to start when developing your cybersecurity defense plan. These controls represent what your organization really needs to be focusing on in terms of security best practices. The first six CIS Controls (Basic) are the most important to implement and manage. You can learn more about the Basic CIS Controls in our recent article.