Denmark reports $18 million in losses on credit card fraud with 60% growth of fraudulent charges

2 February 2018

Stats reported by Bloomberg unveil that the volume of fraudulent card charges in Denmark grew 60% with the total losses resulting from card fraud reaching $18 million in 2016. Separately, online card fraud surged 300% counting from 2009.

Customers in Denmark are strongly recommended now to use their mobile SMS notification offered by local banks to trace suspicious activity on their cards to protect themselves against unauthorized use of their cash.

According to Peter Reisz, a deputy chief superintendent at the police in Copenhagen, the growth in fraudulent activity involves various types of credit card fraud, and the financial institutions nationwide are advised to proactively cooperate with the law enforcement agencies reporting all suspicious transactions, as it is an effective way to keep abreast of the transaction history of their customers.

The overall growth in card fraud is a continuing trend in the industry around the world with the survey conducted last year under commissioning of Transaction Network Services (TNS) showing that 85% of card holders in the United States, United Kingdom and Australia being confident that they have fallen prey to fraud attempts on their debit or credit cards. The survey, which polled about 3,000 participants, also reveal that consumers are concerned about the security of their personal information, and 38% of the respondents said their sensitive data may have been compromised.

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