Financial Crime World

Card Payments and Fraud in Europe: A Decade of Growth and Concerns

As the use of payment cards continues to rise across Europe, so too do concerns over fraud. This article explores the dramatic growth of credit and debit card transactions in Sweden, Denmark, and Norway between 2000 and 2022.

Credit Card Transactions Soar

  • In Sweden, the number of credit card transactions jumped from 1.4 billion in 2013 to 6.5 billion in 2022.
  • The average transaction value increased from SEK 500 (approximately USD 55) to SEK 1,200 (approximately USD 130).
  • In Denmark, the number of credit cards in circulation rose from 3.5 million in 2000 to over 8 million in 2021.

Debit Card Transactions on the Rise

  • Debit card transactions also experienced significant growth during this period.
  • In Sweden, the annual number of debit card transactions per capita increased from approximately SEK 10,000 (approximately USD 1,100) in 2012 to over SEK 30,000 (approximately USD 3,300) in 2022.

Fraud on the Rise

  • Despite the growth in card payments, fraud remains a major concern.
  • In Denmark, losses from payment card fraud increased from approximately DKK 200 million (approximately USD 30 million) in Q2 2018 to over DKK 1 billion (approximately USD 150 million) in Q2 2023.

Global Perspective

  • The report also highlights the global nature of payment card fraud.
  • In Australia, the value of fraudulent card transactions increased from AUD 250 million (approximately USD 170 million) in 2012 to over AUD 800 million (approximately USD 540 million) in 2019.
  • In India, the share of consumers experiencing financial fraud increased from 12% in 2018 to 20% in 2020.

Accessing the Data

The report provides a comprehensive overview of credit and debit card transactions, as well as payment card fraud losses, across Sweden, Denmark, Norway, Australia, Hungary, India, and the United Kingdom. For commercial use only, the full report is available for purchase starting at $2,388 USD per year.

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