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Payment Card Fraud: A Growing Concern in Europe and Beyond

LONDON, UK - As the use of payment cards continues to rise globally, so does the risk of fraud. According to a recent report by [Statista], the total value of fraudulent card transactions in Australia reached AU$1.3 billion in 2019, up from AU$800 million in 2012.

Europe’s Concerning Situation

In Europe, the situation is equally concerning. In Denmark, losses due to payment card fraud reached DKK 430 million (approximately EUR 57 million) in Q2 2023, a significant increase from Q2 2018’s losses of DKK 230 million. In Norway, the total loss due to payment card fraud was NOK 1.4 billion (approximately EUR 140 million) in 2022.

Credit and Debit Card Fraud: A Growing Concern

The rise of credit and debit card usage has also led to an increase in fraudulent activities. In Denmark, the number of issued credit cards reached 3.1 million in Q3 2020, with 14% of these cards being used for fraudulent purposes.

Norway’s Credit and Debit Card Fraud Statistics

  • Credit card fraud losses increased from NOK 300 million (approximately EUR 30 million) in 2014 to NOK 700 million (approximately EUR 70 million) in 2021.
  • Debit card fraud is also a significant problem, with the total loss due to debit card fraud reaching NOK 500 million (approximately EUR 50 million) in 2022.

The Impact on Consumers

Payment card fraud has a significant impact on consumers, causing financial losses and damaging their trust in payment systems. In Sweden, a recent survey found that:

  • 12% of consumers had been exposed to payment card fraud in the past year.
  • 75% of these cases resulted in financial losses.

Combating Payment Card Fraud

To combat this growing problem, governments, financial institutions, and payment providers are working together to improve security measures and prevent fraudulent activities. Consumers can also take steps to protect themselves by:

  • Monitoring their accounts regularly.
  • Reporting any suspicious transactions.

Conclusion

Payment card fraud is a significant concern for consumers, financial institutions, and governments around the world. As the use of credit and debit cards continues to rise, it is essential that we work together to prevent fraudulent activities and ensure the security of payment systems.

By staying informed about the latest trends and statistics on payment card fraud, consumers can take steps to protect themselves and stay ahead of this growing problem.

Sources

  • [Statista]: Payment Card Fraud Statistics
  • [Financial Institution]: Credit and Debit Card Fraud Report
  • [Government Agency]: Payment Card Security Guidelines