A new study by ZeroBounce provides a deep dive into online fraud, analysing fraud rates, total fraud value, and online fraud share to reveal the countries most impacted by digital financial crimes. The research explored various fraud metrics, such as cross-border and domestic fraud, as well as the frequency of transactions per card. The findings shed light on the economies most vulnerable to these risks and offer a comparative view of how fraud challenges differ globally.
France, with a staggering total fraud value of $1.8 billion, ranks as one of the most affected nations. It takes second place in overall vulnerability, with 79% of its fraud cases occurring online and achieving a fraud score of 54.8. Close behind is the United Kingdom, with a fraud score of 50.2, where 75% of fraud cases are digital and half involve cross-border transactions. The UK’s high volume of card transactions adds to its susceptibility. Ireland stands out by recording the highest share of online fraud—85% of its cases occur digitally—earning a fraud score of 41.2 despite a fraud rate of 0.049%.
Denmark follows as a prominent target, with a fraud score of 34.1 and 77% of cases rooted in online activities. Its high transaction volume per card makes it appealing to cybercriminals. Meanwhile, Estonia holds the sixth position with an online fraud share of 84%, marking the bulk of its fraudulent activity, and achieving a fraud score of 32.9. Luxembourg, ranked seventh with a fraud score of 30.7, is noteworthy for its high number of cards per inhabitant (4.66), which correlates with increased fraud exposure. With 72% of its fraud cases online, the country incurs a total fraud value of $304 million.
Further down the list, Malta registers a fraud score of 28.1. A significant 81% of its fraud cases are digital, and the total fraud value reaches $401 million, showcasing its challenges as a small but heavily impacted nation. Austria ranks ninth, with a fraud score of 26.0, a fraud rate of 0.026%, and 76% of its cases happening online. The country sees an average of 6,518 transactions per card annually, heightening the risks. Closing the top ten, the Netherlands records a fraud score of 25.3, with 76% of fraud cases online. Dutch consumers average 12,236 transactions annually, reflecting the country’s substantial digital activity.
ZeroBounce Head of Cybersecurity Vlad Cristescu commented on the evolving nature of fraud, saying, “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.”
This statement underscores the growing sophistication of fraudulent tactics and highlights the urgent need for enhanced defenses in a digital-first world.
