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The UK Leads The Way In Fraud

posted on: Tue Aug 16 2016

fraud increaseFigures released recently have shown that fraud in the United Kingdom continues to rise at a very worrying rate.

  • UK card fraud rose by 18%, the sharpest increase in Europe
  • UK contributed 43% of total monies lost on card fraud across Europe
  • 75% of this came from card-not-present fraud and the bulk of this was from e-commerce

There has been no let-up in fraud, no respite from the continual growth. But now, more than ever, there has to be action.

Online commerce has revolutionised the way we shop and do business and has brought countless benefits to businesses and consumers alike. But it has also brought countless opportunities for criminals too.

Merchants, issuers, acquirers and consumers all have their own part to play in starting to fight back. This means adopting and promoting best practices, increasing consumer education, sharing intelligence and utilising up-to-date fraud fighting tools.

Ecommerce sales continue to rise with mobile commerce becoming the fastest growing platform. Yet if fraud continues to grow at these rates too, we could begin to see this ecommerce growth slow down, even reverse.

Commerce needs confidence. Consumers have to be confident and this confidence comes from knowing that they are safe. If consumers don't feel safe purchasing online then this will have a negative impact on the economy as a whole.

There have been countless wake-up-calls for fraud and ecommerce over the last few years. We have to work to make sure that this one is the last.

There is, though, light at the end of the tunnel. We are continually working to keep our award winning fraud fighting and sales boosting technology ahead of fraudsters and ahead of the curve.

If you are worried about fraud and worried about the effect it is having on your business then get in contact and we will help you to fight back effectively.

Mobile Payments & Fraud: 2016 Report

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