Ireland ranks highest in fraud risk in Europe

Ireland has the highest fraud risk index in Europe with a rating of 7.44, according to research from payment processing information service Merchant Machine.

The country is also second in terms of the amount of money lost to fraud per 1,000 cards at €5,145.

Merchant Machine stated that in Ireland 88 of every 1,000 inhabitants become a victim of credit card fraud, which is the third highest amount compared with other countries it researched. It added that for every 1,000 inhabitants, €7,949 is stolen by fraudsters.

Additionally, 25% of transactions made in Ireland are made across national borders. More than three quarters of these were fraudulent.

Other countries to score high on the fraud risk list were the UK and France.

Merchant Machine’s report found that the UK has the highest number of fraud cases per 1,000 inhabitants, sitting at 123. It also has the highest value per 1,000 inhabitants at €10,414.

It stated that on an average month in the UK, there are 170 Google searches for ‘report credit card fraud’ and 1,000 searches for ‘credit card fraud’.

France recorded the highest fraud value and volume per 1,000 cards. For every 1,000 credit cards in France, there are 83 cases of fraud which results in a total loss of €5,521.

Luxembourg was ranked fourth in terms of credit card fraud vulnerability. It was followed by Malta, Denmark, Hungary, Sweden, Spain and Estonia.

A recent report from global payments company ACI Worldwide found that 12.1% of people in the UK have fallen victim to payments fraud in the past four years. It found that online fraud and digital wallet hacks make up 20% of UK fraud cases, while the number of those falling victim to confidence tricks has increased to 12.8% of all fraud cases.

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