FICO Data Analysis Shows Counterfeit Card Fraud Has Fallen Sharply in Europe
PR Newswire reports FICO released its analysis of data showing that major shifts have occurred in European card fraud patterns. However, criminals are shifting to card-not-present fraud because of chip and PIN success. FICO analyzed 55 million active credit cards represented in the FICO® Falcon® Fraud Consortium for Europe which showed that counterfeit fraud fell 60 percent between March 2009 and March 2011. FICO’s data also shows that card-not-present fraud accounted for 69% of all accounts victimized by fraud and 72% of all fraud losses. The top 10 merchant categories accounted for 30% of the total fraud losses, led by hotels/lodging, travel agencies and ATMs.
