France is the most fraudulent EU country according to new data released by Euromonitor.
With full broad out Pin & Chip card adoption throughout the EU, it is a given that overall fraudulent activity will rise, rather than fall, primarily in the banking and online payment sector.
France, along with 18 other EU countries (including Russia) lost a total of €1.55 billion. While the UK topped the list as the country which lost the most money, with €535 million lost to fraud, France did top the terms of the amount of losses caused by fraud per card transactions with €429 million lost. That makes France the most fraudulent country in the EU per card transaction.
The UK and France, which took the top spots, were responsible for 62% of all payment related fraud in 2013. France is already accustomed to similar fraud rates, and saw only a 1% rise in fraudulent charges since the year prior, 2012.
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“In France, chip and PIN has been used for so long that criminals have completely changed their approach and reverted to ID theft, which accounted for 66% of French fraud losses in 2013,” Martin Warwick, a fraud consultant at financial analytics company Fico.
Fraud related losses in France have grown significantly since the introduction of EMV cards, growing from €7.6m in 2006 to €284m in 2013. In 2012 alone, 60% of all bank related card fraud occurred online.