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Real-Time Analytics a Powerful Weapon in War on Payment Fraud

FICO has recently put together an infographic showing the evolution of real-time analytics for payment card fraud detection over the last 20 years.

Real-Time Analytics in Fraud PreventionReal-Time Analytics in Fraud Prevention 2The infographic also shares notable facts about payment fraud in major countries, including France, India, Russia and the UK. For example, since 1992, US payment fraud as a percentage of all credit card transactions has dropped by more than 70%.

In the US, the rate of card fraud in 2012 was equal to 5.2 basis points. The worldwide card-fraud rate was also 5.2 basis points.

In the UK, card fraud shrank from £610 million in 2008 to £333 million in 2012 due to chip-and-PIN technology and fraud analytics.  France had the highest rate of card fraud in Europe in 2012 – 7 basis points (7 cents per €100 spent on cards).

In Russia, the rate of card fraud in 2012 was equal to 2 basis points.  In India, card use is less frequent, but fraud on cards and internet banking grew nearly 50% from 2011 to 2012.

Source:  bankinganalyticsblog.fico.com

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