crowmoor.se

In a swedish article today some interesting figures is shown from bank transaction frauds, including credit card frauds:
• 600-700 M SEK was lost 2008 (60-70 M EUR)
• 1% of the grown up population was affected (60 000)
• 84% got their money back partly or in full

FI, Finansinspektionen, the authority responsible for finance compliance in Sweden states that they thought the problem was bigger and that the Swedish population due to fear uses a lot more cash than necessary and that costs the society 1 200 M SEK each year due to higher costs in cash handling. A last interesting fact was that 5% of the population thinks that they will be affected of a fraud within a 2 year period.

Even though the figure maybe low according to FI it still means that there is a very huge amount of cash in financial frauds. 60-70 M EUR only in Sweden. Sweden is very low populated but on the other hand has a high penetration of internet banking and credit cards. But if we make the assumption that the amount is more or less the same in every major country in Europe. That means that the amount for fraud is around 600-700 M EUR each year. This of course means that there is a lot of money in perfecting the hacking tools and now and then they will be used for bigger scams and thefts against bigger companies. If you handle money or information that lead to money (like identities) you will experience fraud in one way or another. Do not let your company or organization be the next to appear in the news.