Further dataⁱⁱ released by Financial Fraud Action UK (FFA UK) showed that payment card fraud accounted for losses of £618 million in 2016, an increase of nine percent over the previous year. With spending on cards up six percent year-on-year, this means card fraud as a proportion of spending equates to 8.3p for every £100 spent. Payment card fraud accounted for losses of £618 million in 2016.
These numbers considered, it’s never been more critical for merchants to tackle fraud head-on, and work with their PSP to ensure a robust fraud defence strategy not only exists, but is also reviewed regularly to optimise legitimate transactions. This report examines the challenges facing merchants when it comes to fraud prevention, and explores the methods they can utilise in order to implement a successful fraud strategy.