Study Reveals the Countries Most Affected by Online Fraud

A study by ZeroBounce identifies the United States as the most affected country by online fraud, followed by France and the United Kingdom. Ireland records the highest online fraud share (85%). AI-driven scams, such as deepfake voice fraud, are rising, highlighting the urgent need for stronger cybersecurity measures worldwide.

A new study by ZeroBounce has identified the countries most impacted by online fraud, highlighting variations in fraud rates, financial losses, and the prevalence of digital scams. The research examines key fraud indicators, such as domestic and cross-border fraud, the total value of fraudulent transactions, and the percentage of fraud cases occurring online.

The rise of artificial intelligence (AI)-driven fraud adds another layer of complexity to online scams. A recent deepfake CEO voice scam in the United Kingdom demonstrated the evolving nature of fraud. In this incident, scammers used AI to replicate an executive’s voice and successfully stole €220,000.

Commenting on the increasing risks posed by AI-driven deception, ZeroBounce’s Head of Cybersecurity, Vlad Cristescu, stated:

"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."

United States tops the list of most affected nations

According to the study, the United States ranks as the most affected country, with a fraud risk score of 64.2. The country experiences the highest fraud rate at 0.3%, with 83% of fraudulent cases occurring online. Unlike many European nations, fraud in the United States is largely domestic, with 68% of scams taking place within the country.

France follows in second place with a fraud score of 54.8. The study highlights that 79% of fraud cases in France happen online, contributing to a total financial loss of $1.8 billion, making it one of the nations experiencing the highest economic impact due to fraud.

Global online fraud landscape: Key insights

The United Kingdom ranks third in the study, with a fraud score of 50.2. Online fraud accounts for 75% of all cases in the country, with half of these incidents involving cross-border transactions. Additionally, the UK sees a high volume of card transactions, which increases exposure to fraudulent activities.

Ireland, ranked fourth with a fraud score of 41.2, records the highest online fraud share, with 85% of cases occurring digitally. The fraud rate in Ireland stands at 0.049%, further emphasising the increasing risks posed by cybercriminals in the country.

Denmark secures the fifth position with a fraud score of 34.1. The country records a fraud rate of 0.047%, and 77% of its fraudulent activities occur online. With high transaction volumes per card, Denmark remains a prime target for cybercriminals.

Other countries facing significant fraud risks

Estonia ranks sixth, recording an online fraud share of 84% and a fraud score of 32.9. The study highlights the country’s increasing digital fraud risks, with most fraudulent transactions occurring online.

Luxembourg follows in seventh place with a fraud score of 30.7. The country records the highest number of cards per inhabitant, with an average of 4.66 cards per person, making it vulnerable to fraud. Luxembourg experiences 72% of its fraud cases online, with a total fraud value estimated at $304 million.

Malta, ranked eighth, has a fraud score of 28.1, with 81% of fraud cases occurring online. The total financial loss due to fraud in Malta is $401 million, positioning it among the most affected smaller nations in Europe.

Austria ranks ninth, with a fraud score of 26.0. The study finds that 76% of fraud cases in Austria occur online, with a fraud rate of 0.026%. High transaction volumes, averaging 6,518 transactions per card annually, contribute to its fraud exposure.

The Netherlands rounds out the top ten, with a fraud score of 25.3. The country records a fraud rate of 0.02%, with 76% of fraud cases occurring online. Dutch consumers conduct an average of 12,236 transactions per year, making the country one of the most active digital economies in the study.

Fraud prevention strategies and future outlook

As fraud risks evolve, financial institutions and businesses are urged to enhance their security frameworks to mitigate threats. Implementing advanced fraud detection mechanisms, strengthening authentication protocols, and increasing awareness among consumers are critical steps in combating digital financial crimes.

The ZeroBounce study provides valuable insights into global fraud trends, shedding light on the vulnerabilities of different economies. As cybercriminals continue to develop sophisticated fraud techniques, nations must adopt proactive measures to secure digital transactions and protect financial assets from increasing risks.

Pallavi Singal

Pallavi Singal is the Vice President of Content at ztudium, where she leads innovative content strategies and oversees the development of high-impact editorial initiatives. With a strong background in digital media and a passion for storytelling, Pallavi plays a pivotal role in scaling the content operations for ztudium’s platforms, including Businessabc, Citiesabc, and IntelligentHQ, Wisdomia.ai, MStores, and many others. Her expertise spans content creation, SEO, and digital marketing, driving engagement and growth across multiple channels. Pallavi’s work is characterised by a keen insight into emerging trends in business, technologies like AI, blockchain, metaverse and others, and society, making her a trusted voice in the industry.