Card fraud losses rise to EUR €1,578M across Europe in 2024

New data from the FICO European Fraud Map 2024 indicates that card fraud levels and associated financial losses have increased across Europe, with the UK experiencing both the highest total losses and leading rates of Card Not Present (CNP) fraud.

Growing losses

Across the Europe, Middle East, and Africa (EMEA) region, card fraud losses have risen from EUR €1,493 million in 2021 to EUR €1,578 million in 2024. This demonstrates a steady increase over the last three years. The figures, derived from Euromonitor International data on 18 countries, show that while losses remain below the peak figure of EUR €1,642 million recorded in 2015, the upward trajectory brings increased scrutiny to current anti-fraud measures.

James Roche, Principal Fraud Consultant for FICO in EMEA, commented on the overall rise in fraud, saying,

"While card fraud loss figures are still lower than the 2015 peak of €1,642 million, the last few years show that fraud in Europe is steadily rising back up towards this figure."

UK trends

In 2024, data from UK Finance showed that total UK card fraud losses reached GBP £572.6 million, up 3.9% from GBP £551.3 million in 2023. This marks a departure from the downward trend in card losses seen in previous years and raises concerns regarding the stability of payment security in the UK market.

CNP fraud, which involves transactions where the card is not physically presented - such as online and phone payments - remains the most significant category. In the UK, CNP fraud accounted for about 70% of total card fraud losses, an 11% increase year on year. The UK recorded the highest CNP fraud losses in Europe, reflecting ongoing risks linked to remote and digital transactions.

Conversely, losses due to identity (ID) fraud declined by 26% to GBP £58.7 million. This reduction suggests a shift in criminal tactics away from ID theft and towards technology-driven schemes such as social engineering, scams, data compromise, and "quishing" - fraud involving QR codes. The rise of security enhancements, such as biometric and behavioural monitoring technologies, has likely contributed to the drop in ID fraud cases. Financial services institutions' investments in customer journey visibility and data sharing across the UK and EU have also enabled better monitoring of identity risks throughout the customer lifecycle.

Roche noted,

"The UK has long been a leader in deploying innovative fraud technology, and clearly the challenges are still growing. With PSD3 regulations now taking effect across Europe, we see fraud prevention teams moving towards a unified approach to fraud risk assessment. Continued investment in preventative tools, such as Scam Signal, and intelligence-led fraud detection remain critical to protecting card portfolios from evolving threats."

Europe-wide insights

The FICO European Fraud Map identifies several countries where fraud losses have surged. Hungary recorded the highest annual increase across Europe at 22%, with total losses rising from EUR €3.3 million in 2021 to EUR €22.4 million in 2024. Norway saw losses increase from EUR €14 million to EUR €26.4 million since 2021, with an 8% rise in 2024. Denmark's card fraud losses more than doubled from EUR €19.6 million to EUR €47.6 million, surging by 20% last year. Greece and Sweden also reported notable increases; Greece's losses rose from EUR €13.4 million to EUR €28.4 million since 2021 and increased by 20% in 2024, while Sweden experienced an 85% increase in three years, reaching EUR €24.2 million in 2024 following a 19% annual rise.

Some countries, however, saw improved outcomes. France reported a slow but steady decrease in card fraud losses since peaking at EUR €433.2 million in 2018, with current losses at EUR €409.2 million. Turkey reduced its losses to EUR €1.1 million in 2024, although there was a 5% increase over the past year. The Netherlands and Portugal were the only countries to register an overall fall in fraud levels.

Changing threat landscape

FICO's report highlights the continued evolution of fraud tactics, with criminals shifting away from ID fraud schemes towards those involving social engineering, data compromise, and scam-related fraud, including techniques like QR code manipulation or "quishing". The deployment of advanced fraud prevention technologies has improved detection and response capacities, but the increasing sophistication of fraudulent schemes necessitates sustained investments in unified risk assessment and monitoring.

Commenting on the emerging regulatory context, Roche added,

"With PSD3 regulations due to take effect across Europe in the next couple of years, financial institutions must work harder than ever to fight new fraud patterns and improve customer service. We are seeing a number of emerging approaches that unify protection that is currently siloed, using 360-degree customer profiling to assess fraud and financial crime risk across all channels and products and throughout the entire lifecycle of the customer (onboarding through to offboarding). We at FICO believe this approach is absolutely critical, as criminals look for the weakest link in fraud defences."

The 2024 findings indicate that while technology-driven tools help reduce some types of fraud, the threat landscape continues to shift, requiring financial institutions throughout Europe to adapt their strategies in order to address new methods and persistent vulnerabilities.