Countries Covered: Austria, France, Germany, Italy, Spain, Switzerland, United Kingdom
Publication Date: 08/03/2022
Questions Covered in the report:
- What are the top reasons behind changes in payment habits in several countries in Europe amid COVID-19?
- How large are the losses to fraudulent online payment activities in the European E-Commerce market?
- How important is the consideration of online payment security to digital buyers in Europe?
- Which preventative measures are being taken against online payment fraud, globally and in the UK?
- What are the different types of fraud experienced by the various countries in Europe?
Payment Fraud Transforms the Security Landscape as E-Commerce Trends Shift Across Europe: A New yStats.com Report
Fraudulent Digital banking transactions committed via a mobile app become more common in Q2 2021
As mobile phone usage for such online activities as shopping, making payments, and banking has risen, fraudsters have increasingly targeted these devices. The share of fraudulent digital banking transactions executed via a mobile app has increased steadily over the past couple of years worldwide. In Q2 2021, over 50% of fraudulent digital banking transactions were on a mobile device. A November 2020 survey revealed that nearly half of Austrian respondents reported being victims of internet fraud. In France, almost four in five adults surveyed in October 2021 said they were afraid of becoming victims of fraud when making mobile online payments remotely. These security concerns have changed payment habits in the UK and Germany.
As the E-Commerce market continues to thrive, losses due to online payment fraud are expected to grow
As E-Commerce expands rapidly across the globe, so do cases of fraud. Both legitimate and fraudulent transactions saw a sharp increase in 2020 as consumers switched to online shopping in droves in response to the COVID-19 pandemic. Extensive fraudulent activities were flagged in the European region. For instance, in the DACH region (Germany, Austria, and Switzerland), over 90% of online retailers report either fraud or attempts at fraud between March 2020 and March 2021. The value of losses related to E-Commerce fraud on UK-issued cards has increased steadily during recent years. Online transactions comprised more than 60% of total card fraud in 2020 in the United Kingdom. Close to two-thirds of German E-Commerce companies identify an increase in fraud concurrent with the COVID-19 pandemic.