Russia took first place in Europe in terms of the growth rate of losses from fraudulent transactions with bank cards in 2013. The volume of these losses in Russia last year increased by 27.6% compared to the previous year and, accordingly, 10 times compared to data from 2006 and by 365% compared to data from 2008, FICO told CNews.
In terms of the volume of these losses, which increased by €22.5 million and reached €104.1 million last year, Russia is in fourth place among 19 European countries. It is ahead of: Great Britain (€534.9 million), France (€428.9 million) and Germany (€116.3 million). This is the data presented on the interactive map developed by FICO , “The Evolution of Card Fraud in Europe 2013” .
It is noteworthy that in Russia, card fraud using the so-called Card Not Present method (transactions on a card without its physical presence, in particular, payment with virtual cards, etc.) is much lower than in Western European countries (in our country its share is only 3% from losses). One third of Russian losses (i1683.8 million) accounts for Counterfeit Cards (fake cards, the magnetic stripes of which contain information from a legally issued card - the holder’s name, card number, expiration date, CVV and CVC code) and approximately the same amount (i1599.4 million) - on Lost and Stolen (lost/stolen card). ID Fraud (obtaining a credit card using forged (or stolen) documents) in Russia brought losses ofi685.2 million.
“In conditions where the market is not yet saturated and the distribution of cards in Russia continues, the threat of fraud is not so obvious, but the speed with which losses from it are increasing is alarming. FICO specialists warn that when the growth rate of the card market levels out, and losses increase, the decision to implement anti-fraud developments may be late - after all, it may take six to eight months to install and obtain results,” emphasized Evgeniy, head of FICO in Russia.
As the company calculated, in 2013 the total losses from card fraud in 19 European countries amounted to €1.55 billion, even slightly exceeding the figure in 2008, when the last peak was observed.
(c) https://www.cnews.ru/news/line/rossiya_lidiruet_sredi_stran_evropy
In terms of the volume of these losses, which increased by €22.5 million and reached €104.1 million last year, Russia is in fourth place among 19 European countries. It is ahead of: Great Britain (€534.9 million), France (€428.9 million) and Germany (€116.3 million). This is the data presented on the interactive map developed by FICO , “The Evolution of Card Fraud in Europe 2013” .
It is noteworthy that in Russia, card fraud using the so-called Card Not Present method (transactions on a card without its physical presence, in particular, payment with virtual cards, etc.) is much lower than in Western European countries (in our country its share is only 3% from losses). One third of Russian losses (i1683.8 million) accounts for Counterfeit Cards (fake cards, the magnetic stripes of which contain information from a legally issued card - the holder’s name, card number, expiration date, CVV and CVC code) and approximately the same amount (i1599.4 million) - on Lost and Stolen (lost/stolen card). ID Fraud (obtaining a credit card using forged (or stolen) documents) in Russia brought losses ofi685.2 million.
“In conditions where the market is not yet saturated and the distribution of cards in Russia continues, the threat of fraud is not so obvious, but the speed with which losses from it are increasing is alarming. FICO specialists warn that when the growth rate of the card market levels out, and losses increase, the decision to implement anti-fraud developments may be late - after all, it may take six to eight months to install and obtain results,” emphasized Evgeniy, head of FICO in Russia.
As the company calculated, in 2013 the total losses from card fraud in 19 European countries amounted to €1.55 billion, even slightly exceeding the figure in 2008, when the last peak was observed.
(c) https://www.cnews.ru/news/line/rossiya_lidiruet_sredi_stran_evropy
