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Every year, millions of Americans fall victim to fraud cases that cost them, their banks, and the national economy billions of dollars. As consumers embrace online banking and eCommerce, cybercriminals are developing increasingly creative ways to steal money.
Suppose you use a credit or debit card. In that case, there is a non-negligible chance of falling victim to fraud, emphasizing the importance of proper credit card security practices. We’ve compiled worldwide losses and other relevant credit card fraud statistics to help you defend yourself.
Credit Card Fraud Statistics – Key Findings
- People in their 30s are the most vulnerable to credit card fraud.
- By 2023, retailers will lose about $130 billion yearly on card-not-present transactions.
- Emotional distress is reported by 77.3% of identity theft victims.
- In 2030, it is predicted that the total loss from credit card fraud will be $49.32 billion.
- 44% of credit card users reported having two or more fraudulent charges in 2022.
- Card-not-present fraud is now 81% more common than point-of-sale fraud.
- By 2024, 74% of losses will be attributed to card-not-present fraud.
- More than 915,000 children in the U.S. were victims of identity theft in 2022.
General Credit Card Fraud Statistics
The increase in e-commerce and online banking has made it paramount to use credit cards for transactions, and with this comes the rise in credit card theft and fraud. These credit card fraud statistics will shed more light on the increasing rate of thefts and associated fraudulent activities prevalent worldwide.
1. Over 1.06 billion credit cards are used in America and 2.8 billion worldwide.
(Shift Processing & Money.co)
American credit card usage is higher than it has ever been. Currently, nearly 3 billion credit cards are in use worldwide. Credit and the absence of cash have become essential factors in the modern economy.
As card use grows, so does the risk of fraud. Despite advanced security measures, identity thieves are becoming increasingly creative in finding ways to rob cardholders, merchants, and banks.
2. Credit card fraud victims in the United States increased to 150 million as of 2023.
The number of American fraud victims has increased from 127 million in 2021 to 150 million in 2023. About 40% of the reports were connected to new credit card accounts, a 24% jump from 2017.
3. Identity theft claimed another American victim every 14 seconds.
The number of identity theft victims is multiplying. According to Federal Trade Commission credit card fraud and ID theft statistics, as many as 9 million Americans have their identities stolen yearly.
4. FTC recorded 5.1 million exposed consumer records in America in 2022.
(Insurance Information Institute)
The Federal Trade Commission’s (FTC) Consumer Sentinel Network recorded over 5.1 million exposed reports in 2022, of which 46% were for fraud and 21% for identity theft.
Credit card fraud constituted 48% of identity thefts; coming second is identity theft at 28.1% which entails online shopping, payment account fraud, email, and social media fraud. Georgia, Louisiana, and Florida had the most identity theft reports.
5. 22% of adults in the U.S. have already been victims of account takeover as of 2022.
Much of the rise in account takeover attacks can be attributed to the rise in online banking. The popularity of eCommerce sites also accelerated the increase in crime rate statistics.
Think of account takeover this way: Someone accessed your home and immediately changed the locks. Credit card fraud statistics show that the cost of these attacks tripled in 2020, reaching $20 billion in the US.
An average successful account takeover incurs a loss of $12,000 on the victim. Statistics have shown that about 22% of U.S. adults have been victims of account takeover fraud. Research also shows that 24 million out of 110 million households with internet access in the U.S. have fallen to this type of internet attack.
6. Global losses from payment card losses will reach $397.4 billion in the next 10 years.
(Bankrate & Nilson Report)
The loss to card fraud is not going away anytime soon. In 2022, $8.8 billion was lost due to these financial fraud cases. According to Nilson Report in December 2022, Global losses from payment cards in 2021 totaled $32.34 billion. The U.S. accounted for 36.83% of the total loss.
7. E-commerce fraud in Mexico increased by 239% in 2021.
Even though the US leads the way with attention-getting statistics on credit card fraud getting investigated and prosecuted, the Mexican fraud market is right behind. According to a new report, E-commerce fraud attacks in Mexico increased from 220% in 2020 to 239% in 2021, while bot attacks for credential stuffing rose by 146%.
8. Emotional distress is reported by 87% of identity theft victims in current credit card fraud statistics and facts.
(Identity Theft Resource Center)
The financial impact is well documented when someone falls victim to debit card fraud. However, the socio-economic and emotional effects are often overlooked.
Identity Theft Resource Center was one of the first organizations to grasp the psychological effects of identity theft and how the effects compromise victims’ ability to resolve situations in fraud cases.
The group’s study found that the emotional impact of identity crime can affect how victims manage their daily lives and finances after the incident. Statistics on credit card fraud reveal that 85.7% of respondents admitted feeling angry and frustrated afterward, and 69.4% felt unsafe or powerless. Distrust, lost opportunities, and financial chaos were reported by 77.3% of identity theft victims.
9. The U.S. sustained 37% of the world’s reported payment card fraud losses in 2021.
The United States leads the world in many cybercrime statistics, including losses due to card fraud. American banks and merchants reported losses almost every day.
Credit card fraud statistics in the U.S. show that America currently accounts for nearly two-fifths of global debit and credit card fraud, even though it generates only 23% of international purchases.
10. 60% of victims had used the same password for multiple online accounts.
A research study discovered that 60% of victims had used the same password for multiple online accounts. Thus, having one password for several online accounts is not advised to avoid becoming a victim of this type of fraud.
11. Georgia (574), Louisiana (534), and Florida (524) residents report the most identity theft per 100,000 population.
Federal Trade Commission Reports by state reveal that certain states: Georgia, Louisiana, and Florida, have a higher prevalence of identity theft, while Wyoming, Vermont, and South Dakota have the lowest. U.S. credit card fraud statistics show that population size plays a significant role since the number of identity theft cases in 2022 coincided with the states’ most citizens.
12. About 35% of American consumers have fallen victim to credit card fraudsters. The percentage gets higher the older you are.
According to an Ascent study of American credit card habits, over one-third of Americans have stolen their identity and fallen prey to credit card fraud. The study revealed that you would likely become a victim of credit card fraud the older you get. Here’s the breakdown:
- Millennials 33%
- Gen X 37%
- Baby boomers 42.6%
13.In 2022, 59.4 million compromised payment card records were posted for sale on the dark web.
(The Record Media)
With a growing hoard of stolen data, fraudsters realized they needed someplace to trade and sell user information, passwords, and credit details – so they set up a marketplace on the dark web. As data breaches increase and credit/debit card fraud statistics show troubling trends, this data marketplace has become overfilled – especially after the data more than doubled in a year.
14. There were 1,802 reported data breaches in the U.S. in 2022.
Despite additional security protection against these crimes, fraudsters still find the job relatively easy. In 2022, Over 422 million individuals were affected by data compromises, including data breaches, leakage, and exposure.
Mega-breaches and credit card frauds grab headlines, but more minor incidents happen daily as cybercriminals find new ways to bypass protection. Everyone who uses or accepts cards is vulnerable.
15. 15 million data records were exposed worldwide through data breaches in the 3rd quarter of 2022.
Credit card fraud statistics from the first half of 2019 show a 54% increase in reported breaches compared to the first half of 2018. Data breaches are happening at a record pace. In the first half of 2019, 4.1 billion records were exposed in 3,800 publicly disclosed breaches.
About 15 million data records were exposed worldwide through data breaches in the 3rd quarter of 2022, and 108.9 million accounts were breached. This figure had increased by 37% compared to the previous quarter.
16. More than 915,000 children in the U.S. were victims of identity theft in 2022.
In 2021, over 1.25 million children’s identities were stolen, costing their families lost an average of $1,100 per incident. No one is too young to become a victim of identity fraud. US credit card fraud statistics show that almost a million children had their identities stolen in 2022.
Two-thirds of child identity fraud victims were younger than 8 years old. ID theft is becoming a more prevalent problem since many kids establish an online identity at a very young age. That’s why parents must inform kids about how to stay safe online.
Among children contributing to credit card fraud and identity theft statistics, 60% of victims are familiar with or connected with the fraudster.
17. Those aged between 30 and 39 reported the most identity theft cases in 2022.
Identity thieves are equal-opportunity crooks. But one age group is the primary target. Those in their 30s report credit card fraud the most – 286,890 cases in 2022 alone.
The second most targeted age group was those aged 40 to 49, with 212,729 cases of identity theft reported.
Card-Not-Present Fraud Statistics
Card-not-present fraud most commonly occurs through online phishing, theft of a customer’s credit card information by dishonest employees, and merchant database hacks. Card-not-present fraud affects business owners as they bear the costs.
Read on and discover the latest Card-Not-Present Fraud Statistics for 2023.
18. Card-not-present fraud is now 90% more common than point-of-sale fraud.
The expansion of eCommerce trading has made fraud even more tempting. Credit card fraud was once mainly confined to stores, but since people are shopping online more than ever, online stores have become a new destination for cybercriminals.
19. 75% of U.S. stores are EMV-compliant – equivalent to 3.5 million retailers.
Banks have complained for years, citing identity theft examples, that retailers were refusing or delaying the implementation of EMV technology. And it’s true – sometimes it took retailers six months to certify newly installed card processing equipment. All that changed when they saw how the equipment’s security measures cut down on fraud and scamming.
EMV terminals allow retailers to avoid fraud, make faster payments, and have more mobile payment benefits.
20. The global e-commerce market is predicted to grow to $6.3 trillion by 2023, increasing opportunities for card-not-present fraud.
Despite growing fears of CNP fraud, the global eCommerce market is predicted to grow quickly and substantially – online sales will make up 22% of all global consumer sales by 2023. Most of the time, consumers prefer shopping using PCs, but mobile devices are catching up.
21. Card-not-present fraud has spread quickly throughout Europe, accounting for 73% of fraud loss.
Online shopping is now a habit worldwide, and Europe is no exception. With the expansion of eCommerce in Europe, financial institutions are worried that CNP fraud will shake up markets. Credit card fraud statistics worldwide prove their fears were justified.
Other challenges facing European customers, merchants, and banks include cross-border fraud and counterfeiting on non-EMV cards. The current value of European fraudulent transactions is estimated to be €1.8 billion annually. Previously, $8.75 billion was lost in 2022 from CNP fraud.
22. Among merchants who have upgraded to EMV chip systems, counterfeit fraud has dropped by 76%.
EMV technology significantly reduces CNP fraud. But even though US credit card fraud online statistics show that these fraudulent activities have been reduced by 76%, the EMV chip system cannot address all possible scenarios of card-not-present fraud. Both merchants and consumers must remain cautious and observant to guard against credit card and identity thieves.
23. By 2023, retailers will lose about $130 billion per year to fraudulent card-not-present transactions if they fail to keep up with digital fraud prevention measures.
A mad rush to wring value out of stolen data is now on the dark web. With EMV or without it, card-not-present fraud is omnipresent. It hurts individuals as much as it hurts the global economy. Applying projections to current credit card fraud loss statistics, it’s clear that the situation will get much worse before it gets much better.
Fraudsters are increasingly motivated to adopt the latest technology and keep up with trends. The projected loss of businesses and retailers to fraud is $130 billion annually by 2023. If consumers continue to trust banks and websites, retailers must keep up with suggested digital fraud prevention measures. Businesses should prioritize improved digital access to avoid becoming part of the credit card fraud statistic.
We may not be able to secure you an Olympic gold medal or give you a winning Powerball ticket. Still, we’ve compiled some worrisome statistics on credit card fraud that could be just as valuable. We hope they inspire you to be more protective and to minimize your chance of being a victim of the next wave of credit card fraud.
Nothing is 100% foolproof. But if you keep up with credit card fraud statistics and practice simple prudence, we stand a fighting chance of staying a step or two ahead of the bad guys.