US leads global online fraud rates, new study reveals

A study conducted by ZeroBounce has identified the United States as the country most impacted by online fraud, based on an analysis of fraud rates and total value losses.

The United States holds the highest fraud risk score of 64.2. Fraud incidents in the country occur at a rate of 0.3%, with 83% of these incidents happening online. A notable characteristic is that 68% of these fraudulent activities are domestic in nature.

France is the second most affected country, with a fraud risk score of 54.8. Although 79% of fraud cases in France are digital, the country incurs significant financial losses, totalling USD $1.8 billion.

The study places the United Kingdom in third position with a fraud risk score of 50.2. In the UK, 75% of fraud cases are online, and cross-border transactions account for half of these cases. The prevalence of card transactions in the UK further increases exposure to fraud.

Ireland ranks fourth, maintaining the highest percentage of online fraud at 85% and holding a fraud risk score of 41.2. The country's fraud rate is recorded at 0.049%.

Denmark is in fifth place, with a fraud risk score of 34.1. Fraud cases, 77% of which are online, occur at a rate of 0.047%. The high volume of transactions per card in Denmark incentivises cybercriminals.

Estonia finds itself in sixth position on the list with a fraud risk score of 32.9. Notably, 84% of fraudulent transactions in Estonia are conducted digitally.

Luxembourg ranks seventh, with a score of 30.7. The country, where 72% of fraud cases are online, holds the highest number of cards per resident, with a total of 4.66 cards per person. This factor contributes to its total fraud value of USD $304 million.

Malta is in eighth position with a fraud risk score of 28.1. In Malta, 81% of fraud cases transpire online, resulting in a total fraud value of USD $401 million.

Austria takes the ninth position with a fraud score of 26.0. Its fraud rate stands at 0.026%, with 76% of occurrences being online. The country averages 6,518 transactions per card each year.

The Netherlands concludes the top ten list with a fraud score of 25.3. With a fraud rate of 0.02%, the Netherlands sees 76% of its fraud cases occurring online. Dutch consumers carry out an average of 12,236 transactions annually.

"The recent deepfake CEO voice scam in the UK, where scammers cloned an executive's voice to steal €220,000, is a chilling glimpse into the future of fraud. AI-generated deception is making scams eerily convincing and proves that even trusted voices can't always be trusted. To fight back, businesses must reinvent their security measures—because in a world where voices can be faked, a simple phone call isn't enough anymore," commented ZeroBounce Head of Cybersecurity Vlad Cristescu.