Latest news with #EuromonitorInternational
Business Wire
16-07-2025
- Business
- Business Wire
FICO European Fraud Map: UK Leads in 'Card Not Present' Fraud and Total Losses
LONDON--(BUSINESS WIRE)--The FICO European Fraud Map 2024 has revealed a worrying trend of rising card fraud levels and losses across the continent. The data from Euromonitor International on 18 countries shows that Card Not Present (CNP) fraud dominates card fraud losses and has increased across most countries. E-commerce fraud, e-wallet, social engineering and QR code fraud or 'quishing' are all rising as well. 'While card fraud loss figures are still lower than the 2015 peak of €1,642 million, the last few years show that fraud in Europe is steadily rising back up towards this figure.' - James Roche, FICO Share Highlights Card fraud losses across EMEA have increased from €1,493m in 2021 to €1,578m in 2024 UK card fraud increased by 4% to £572.6 million since 2023 CNP fraud accounts for around 70% of total card fraud losses in the UK – increasing by 11% year on year Hungary saw the greatest increase across Europe at 22% — card fraud losses also dramatically increased in Norway, Denmark and Hungary Portugal and the Netherlands are the only countries to see fraud levels fall 'While card fraud loss figures are still lower than the 2015 peak of €1,642 million, the last few years show that fraud in Europe is steadily rising back up towards this figure,' commented James Roche, principal fraud consultant for FICO in EMEA. 'The UK has followed a similar trajectory to the rest of Europe, aligning with what FICO has seen in terms of the dominant fraud MOs that plague both the UK and Europe, as well as the common approaches taken in the last decade via initiatives such as PSD and PSR.' Card Losses Grow in UK In 2024, UK Finance reported £572.6 million in total card fraud losses, a 3.9% increase from £551.3 million in 2023. This goes against the trend of the past few years of falling card losses and a broader trend of stabilisation in the UK payments landscape, which is a cause for concern. Card Not Present (CNP) fraud remained the leading fraud category, accounting for around 70% of total card fraud losses. This marks an increase of 11% from 2023 and puts the UK at the top of the league table for CNP fraud losses in Europe, underscoring the persistent risk associated with remote transactions. Conversely, identity (ID) fraud losses dropped significantly by 26% to £58.7M, pointing to a shift in criminal behaviour away from ID theft and towards social engineering, data compromises and scams. The growing use of fraud enhancements such as biometric and behavioural monitoring tools are also likely to have contributed to the decrease. Plus, continued investment by UK and EU financial services in full customer journey visibility and data sharing is enabling identity characteristics to be monitored from onboarding through early book and ongoing lifecycle stages of the customer journey. 'The UK has long been a leader in deploying innovative fraud technology, and clearly the challenges are still growing,' Roche said. 'With PSD3 regulations now taking effect across Europe, we see fraud prevention teams moving towards a unified approach to fraud risk assessment. Continued investment in preventative tools, such as Scam Signal, and intelligence-led fraud detection remain critical to protecting card portfolios from evolving threats.' The Picture across Europe Other highlights from the FICO European Fraud Map show the impact card fraud is having across the region: In Norway fraud losses have dramatically increased over the last few years from €14M in 2021 to €26.4M, rising 8% in 2024. Denmark demonstrated a more than twofold increase in fraud losses (€19.6M to €47.6M) since 2021, and a concerning 20% rise in 2024 alone. In Hungary, fraud losses jumped from €3.3M to €22.4M from 2021 to 2024, rising by 22% in 2024. Greece has also seen a significant increase, with a twofold increase from €13.4M to €28.4M since 2021 and 20% in 2024. Sweden's losses have risen significantly from €13.1M to €24.2M, an increase of around 85% in three years, and 19% during 2024. Despite the overall EMEA loss picture trending slowly upwards, a few countries are seeing a downward trend in their card fraud losses: France's losses are slowly but steadily decreasing and have done so consistently since their peak at €433.2M in 2018. They now sit at €409.2M, the second highest losses of the 18 countries studied but setting a good example for controlling their losses. Turkey showed significantly lower losses at €1.1M for 2024, but they too are reducing their fraud losses consistently and have done since their peak at €14M in 2010. However, 2024 saw fraud rise by 5% in Turkey. 'With PSD3 regulations due to take effect across Europe in the next couple of years, financial institutions must work harder than ever to fight new fraud patterns and improve customer service,' said Roche. 'We are seeing a number of emerging approaches that unify protection that is currently siloed, using 360-degree customer profiling to assess fraud and financial crime risk across all channels and products and throughout the entire lifecycle of the customer (onboarding through to offboarding). We at FICO believe this approach is absolutely critical, as criminals look for the weakest link in fraud defences.' FICO's fraud solutions portfolio includes the AI-powered FICO ® Falcon ® Fraud Manager, which protects more than 4 billion cards worldwide; FICO ® Omni-Channel Communications for Fraud, available on FICO® Platform; and award-winning models for scam detection, as well as the award-winning Scam Signal product developed with Jersey Telecom. About FICO FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 80 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency. Learn more at FICO and Falcon are registered trademarks of Fair Isaac Corporation in the United States and other countries.
Yahoo
16-07-2025
- Business
- Yahoo
Southeast Asia Is the Biggest Export Destination for Chinese Products: Euromonitor International
Chinese exports to Southeast Asia surged to USD587 billion in 2024 Established players face mounting pressure to respond to market disruption and defend market share SINGAPORE, July 16, 2025--(BUSINESS WIRE)--Southeast Asia is the largest and fastest-growing export destination for Chinese goods, with imports reaching USD587 billion, a 12% year-on-year increase in 2024, a study by data analytics company Euromonitor International has revealed. Euromonitor International's whitepaper on The Rise of Chinese Brands in Southeast Asia highlights how Chinese players have leveraged product innovation and pricing strategies. The whitepaper offers a strategic analysis of Southeast Asia's major consumer market, focusing on growth opportunities for Chinese brands in key ASEAN-6 economies. The ASEAN-6 -- Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam, represent 95% of Southeast Asia's USD4 trillion GDP. This momentum presents opportunities for Chinese brands to continue gaining ground in the region. Tim Chuah, senior global insight manager at Euromonitor International, said: "Chinese companies are rapidly gaining ground in the region, particularly in sectors where they hold clear competitive advantages—electric vehicles, consumer electronics, and home appliances." "More recently, with Chinese brands' aggressive expansion into industries such as beauty, food and foodservice, incumbents face new challenges that are reshaping competition across Southeast Asia." Chinese brands threaten longstanding dominance of East Asian rivals Chinese brands have emerged as key drivers of growth in Southeast Asia's appliances market. In the air conditioning category, between 2015 and 2024, Japanese firms lost 7% market share, while Chinese brands grew from 9% to 25%. Chinese beauty brands are also rapidly gaining ground, leveraging affordable pricing and digital-savvy strategies to challenge competitors in the region. Chinese brands recorded a remarkable CAGR of 115% in the Southeast Asian mass skincare market between 2019 and 2024. Appetite for innovation fuels Chinese brand expansion Southeast Asia's love affair with coffee and milk tea continues to thrive, with Chinese players at the forefront of this trend. Driven by a projected 9% annual growth through 2029, the region presents a compelling opportunity for brands seeking growth beyond China's intensifying competition. Snacks and dairy products from China are also gaining momentum with double digit CAGR growth from 2019-2024, projected to be Asia Pacific's fastest growing region. Changing consumers taste and curiosity to try unique flavours are giving Chinese players an opportunity to showcase their broad product portfolio. Chinese pet care manufacturers are moving beyond contract production, and using their expertise to develop their own brands, both domestically and internationally. The region's pet care market is expected to grow at a CAGR of 9% from 2025 to 2030. Ecosystem partnerships are key as Chinese digital wallets face local adoption hurdles abroad Chinese digital wallets remain mostly as travel payment tools for Chinese tourists, with limited everyday adoption due to strong local payment networks and presence. In such markets, forming ecosystem partnerships is crucial for gaining local traction. For more information, see Euromonitor's The Rise of Chinese Brands in Southeast Asia whitepaper. View source version on Contacts Euromonitor Press Officepress@
Business Wire
16-07-2025
- Business
- Business Wire
Southeast Asia Is the Biggest Export Destination for Chinese Products: Euromonitor International
SINGAPORE--(BUSINESS WIRE)--Southeast Asia is the largest and fastest-growing export destination for Chinese goods, with imports reaching USD587 billion, a 12% year-on-year increase in 2024, a study by data analytics company Euromonitor International has revealed. Chinese exports to Southeast Asia surged to USD587 billion in 2024. Euromonitor International's whitepaper on The Rise of Chinese Brands in Southeast Asia highlights how Chinese players have leveraged product innovation and pricing strategies. The whitepaper offers a strategic analysis of Southeast Asia's major consumer market, focusing on growth opportunities for Chinese brands in key ASEAN-6 economies. The ASEAN-6 -- Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam, represent 95% of Southeast Asia's USD4 trillion GDP. This momentum presents opportunities for Chinese brands to continue gaining ground in the region. Tim Chuah, senior global insight manager at Euromonitor International, said: 'Chinese companies are rapidly gaining ground in the region, particularly in sectors where they hold clear competitive advantages—electric vehicles, consumer electronics, and home appliances." 'More recently, with Chinese brands' aggressive expansion into industries such as beauty, food and foodservice, incumbents face new challenges that are reshaping competition across Southeast Asia.' Chinese brands threaten longstanding dominance of East Asian rivals Chinese brands have emerged as key drivers of growth in Southeast Asia's appliances market. In the air conditioning category, between 2015 and 2024, Japanese firms lost 7% market share, while Chinese brands grew from 9% to 25%. Chinese beauty brands are also rapidly gaining ground, leveraging affordable pricing and digital-savvy strategies to challenge competitors in the region. Chinese brands recorded a remarkable CAGR of 115% in the Southeast Asian mass skincare market between 2019 and 2024. Appetite for innovation fuels Chinese brand expansion Southeast Asia's love affair with coffee and milk tea continues to thrive, with Chinese players at the forefront of this trend. Driven by a projected 9% annual growth through 2029, the region presents a compelling opportunity for brands seeking growth beyond China's intensifying competition. Snacks and dairy products from China are also gaining momentum with double digit CAGR growth from 2019-2024, projected to be Asia Pacific's fastest growing region. Changing consumers taste and curiosity to try unique flavours are giving Chinese players an opportunity to showcase their broad product portfolio. Chinese pet care manufacturers are moving beyond contract production, and using their expertise to develop their own brands, both domestically and internationally. The region's pet care market is expected to grow at a CAGR of 9% from 2025 to 2030. Ecosystem partnerships are key as Chinese digital wallets face local adoption hurdles abroad Chinese digital wallets remain mostly as travel payment tools for Chinese tourists, with limited everyday adoption due to strong local payment networks and presence. In such markets, forming ecosystem partnerships is crucial for gaining local traction. For more information, see Euromonitor's The Rise of Chinese Brands in Southeast Asia whitepaper.
IOL News
14-07-2025
- Business
- IOL News
How US dollar strength impacts the South African rand amid trade deal uncertainty
President Cyril Ramaphosa shakes hands with his US counterpart Donald Trump during a visit to the White House in Washington DC earlier this year. Image: AFP The rand remains persistently weak against the US currency as time starts running out for South Africa to sign a trade deal amidst stronger economic indicators in the States. Having hit R17.90 on Friday, threatening to breach a key R18 mark, the local currency lost another 5c against the greenback as of 7am on Monday before recovering somewhat in early morning trade to R17.87. Weighing on the currency are several factors, including the fact that South Africa has yet to sign a trade deal with the Trump administration. While some other countries have been given a respite for the August 1 deadline when new export taxes come into effect, this does not extend to those that received official letters, including South Africa. As of the beginning of next month, South Africa will face a 30% duty on all exports to the US, which accounts for some 7.7% of outbound trade to that country and could affect gross domestic product (GDP) by around 1.3%. Euromonitor International's Trump Total Agenda scenario indicates that, in the event of a 30% US import tariff, real GDP growth could drop to 1% next year, down from a baseline forecast of 1.4%. Andre Cilliers, currency strategist at TreasuryONE, noted that the dollar has continued to firm against other developed market currencies, such as the euro and pound. Dollar remains firm in wake of inflation data and trade uncertainty Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ 'In the wake of trade uncertainty regarding tariffs and inflation data out later this week, the dollar's safe-haven status has re-emerged and benefited the greenback. What this has meant for the rand and other emerging markets is some backward trading, with the rand hovering below the R18.00 handle,' said Cilliers in a note. Cilliers added that the rand continues to trade as one of the weaker emerging market (EM) currencies over the past week, with the local currency seemingly driven by some EM sell-off in the short term. Investec chief economist, Annabel Bishop, noted that 'the rand has weakened as the US dollar recovered on the improved outlook for the US economy'. She added that South Africa is at risk of not being able to negotiate the reciprocal tariffs from the US lower as the US focuses heavily on foreign, and not only trade, policy. On Friday, Cilliers had indicated that the rand saw some late Friday movement with the local currency breaking into the R17.90s. 'The direct cause remains difficult to pin-point, but some of the factors could be Cyril Ramaphosa scheduled to speak on Sunday regarding tariffs and other local concerns,' he added. IOL could not find any mention of Ramaphosa addressing the nation on Sunday regarding tariffs. He did, however, respond to serious allegations linking Police Minister Senzo Mchunu to criminal activities over the weekend. IOL
IOL News
11-07-2025
- Business
- IOL News
US tariffs jolt South African exports; spark calls for supply chain transformation
Some manufacturers might consider shifting production to the US to retain market access. The US' decision to impose a sweeping 30% tariff on all South African imports from August has sparked sharp concern from economists, supply chain experts and government alike, with warnings that the move could significantly impact the country's growth outlook and force a strategic rethink of export and manufacturing priorities. President Cyril Ramaphosa acknowledged this issue when responding to US President Donald Trump's letter imposing the tariffs, urging South African companies and negotiators to accelerate diversification efforts and build greater economic resilience. While diplomatic negotiations continue, local and international experts warn that the consequences for South African exporters could be immediate and profound. Trump has since, again, extended the deadline although countries that have received the letters, such as South Africa, do not have an additional grace period. While Aiste Bijuna, Consultant for Economies and Consumers at Euromonitor International, says the tariffs will deliver 'significant economic and industrial implications'. 'With exports accounting for 27.8% of GDP in 2024, South Africa's economy remains heavily reliant on external demand,' she says. While trade is geographically diversified, the US still accounts for 7.7% of outbound trade, making this a meaningful headwind," Bijuna says.
