The UK has been identified as the card fraud capital of Europe, experiencing more victims and greater financial losses than any other country on the continent.
This data derives from an analysis of the European Central Bank’s Statistical Data Warehouse, which includes reports from all card payment scheme operators for 2019. Research conducted by the Social Market Foundation reveals that the UK far surpasses its European neighbors in terms of victims, with 134 incidents per thousand inhabitants, and losses averaging £8,833.20 for every thousand people. The UK’s fraud value exceeds that of France, the second-highest country, by over £2000, and is significantly higher than figures from Spain, Germany, and Italy.
According to the Crime Survey for England and Wales, between April 2021 and March 2022, there were 2.3 million instances of “bank and card fraud,” which accounted for 51% of all recorded frauds against residents during that period.
The Social Market Foundation is urging the Government to implement a “comprehensive whole-systems” approach to combat fraud, beginning with the recruitment of more specialized personnel trained to manage complex crimes.
Richard Hyde, Senior Researcher at the SMF, stated: “Britain’s alarming statistics on card fraud compared to major European economies underscore the failures of UK law enforcement to address this crisis. Policymakers must consider why we find ourselves in this situation.”
He emphasized that resolving the issue requires more than simply increasing police staffing levels. “While specialized staff will be essential, an overall reform of the fraud law enforcement landscape is necessary to create meaningful change.
“Delays are not an option — as fraud and economic crime evolve to become increasingly complex, immediate systemic changes are critical,” he added.