Online fraud is on the rise all over Europe. Everywhere you look it’s causing misery for consumers, financial and reputational damage for organizations and big fat profits for criminal gangs. There are a lot of things we can do to mitigate the threat itself, ranging from better end user education to sophisticated behavioral analytics platforms. But until organizations get better at protecting customer data, the scammers will continue to have the upper hand thanks to a readymade supply of personal details.
In short, get better at preventing data breaches, and we could help to cut off the fuel fomenting downstream fraud.
Europe leads on fraud
Fraud prevention firm ThreatMetrix claims to verify more than 20 billion annual transactions. Its figures for Q1 revealed 130 million global fraud attacks spotted by its sensors alone, with Europe now the biggest attack “source” in the world; accounting for 50% more fraud attempts than the US. Fraudulent activity outpaced good transactions in Germany and France by over 40%, and the report warned that the Netherlands and UK are becoming “fraud hubs”.