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With fraudsters looking for fresh ways to exploit consumers as the adoption of digital payments continues to increase globally, The European Fraud Report has revealed that Denmark has been named as Europe’s frontrunner for fraud that occurs after a card has been lost or stolen. In Denmark, losses from lost and stolen fraud accounted for 52.6% of the total losses in Denmark at the end of Q2 2018.
The losses come as Denmark, already one of the most advanced countries in the world as far as being cashless goes, continues to move towards becoming a fully cashless society. Bank branches have been closing as the industry has become more digitalised, and users’ requirements have instead been realised with higher card limits for ATM cash withdrawals (3,000 DKK, equivalent to £363) and for contactless payments (350 DKK, equivalent to £42).
Read more here.