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.
“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.