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UK is Card Fraud capital of Europe!

The UK is the card fraud capital of Europe. Britons suffer far more card frauds than people in any European country UK losses from card fraud are also much higher. This is revealed in SMF analysis of European Central Bank data, as demonstrated by the following charts.

Figure 1: Number of card frauds per 1000 people in major European countries

Figure 2: Cost of card fraud per 1000 people in major European countries

The SMF has called on the Government to adopt a “comprehensive whole-systems” approach to address fraud – Britain’s dominant crime – starting with recruiting more specialist staff that are trained to handle complex crime like fraud (and other economic crime types).

Richard Hyde, SMF Senior Researcher, said:

“Britain’s shocking record on card fraud compared to major European economies is yet another reminder of how UK law enforcement has failed to keep up with the epidemic. Policymakers need to reflect further on why we’re at this stage.

“Solving the crisis will take more than just increased police staff. Whilst specialist staff will certainly play a crucial role, the entire fraud law enforcement landscape needs an overhaul – with reforms that will transform the system and enact lasting change.

There is no time to delay – fraud and economic crime is evolving to be more difficult to investigate and solve – so policymakers must start to make comprehensive system changes now.”

Article provided by SMF Press release

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