{"id":100,"date":"2023-04-10T10:56:36","date_gmt":"2023-04-10T10:56:36","guid":{"rendered":"https:\/\/dataprot.net\/?p=100"},"modified":"2023-07-14T06:55:52","modified_gmt":"2023-07-14T06:55:52","slug":"credit-card-fraud-statistics","status":"publish","type":"post","link":"https:\/\/dataprot.net\/statistics\/credit-card-fraud-statistics\/","title":{"rendered":"Credit Card Fraud Statistics: What Are the Odds?"},"content":{"rendered":"\n
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<\/a> and eCommerce, cybercriminals<\/a> are developing increasingly creative ways to steal money.<\/p>\n\n\n\n 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\u2019ve compiled worldwide losses and other relevant credit card fraud statistics to help you defend yourself.<\/p>\n\n\n\n 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. <\/p>\n\n\n\n (Shift Processing & Money.co)<\/p>\n\n\n\n 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.<\/p>\n\n\n\n As card use grows, so does the risk of fraud. Despite advanced security measures, identity thieves<\/a> are becoming increasingly creative in finding ways to rob cardholders, merchants, and banks.<\/p>\n\n\n\n (Security.org)<\/p>\n\n\n\n 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. <\/p>\n\n\n\n (Phonexia)<\/p>\n\n\n\n The number of identity theft<\/a> 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.<\/p>\n\n\n\n (Insurance Information Institute)<\/p>\n\n\n\n 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.<\/p>\n\n\n\n Credit card fraud constituted 48% of identity thefts; coming second is identity theft at 28.1% which entails online shopping<\/a>, payment account fraud, email<\/a>, and social media fraud<\/a>. Georgia, Louisiana, and Florida had the most identity theft reports.<\/p>\n\n\n\n (SEON)<\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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. <\/p>\n\n\n\n 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<\/a> in the U.S. have fallen to this type of internet attack.<\/p>\n\n\n\n (Bankrate & Nilson Report)<\/p>\n\n\n\n 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.<\/p>\n\n\n\n (CNP)<\/p>\n\n\n\n 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%. <\/p>\n\n\n\n (Identity Theft Resource Center)<\/p>\n\n\n\n The financial impact is well documented when someone falls victim to debit card fraud. However, the socio-economic and emotional effects are often overlooked.<\/p>\n\n\n\n Identity Theft Resource Center was one of the first organizations to grasp the psychological effects of identity theft and how the effects compromise victims\u2019 ability to resolve situations in fraud cases.<\/p>\n\n\n\n The group\u2019s 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.<\/p>\n\n\n\n (Globe Newswire)<\/p>\n\n\n\nCredit Card Fraud Statistics – Key Findings<\/strong><\/h2>\n\n\n\n
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General Credit Card Fraud Statistics<\/strong><\/h3>\n\n\n\n
1. Over 1.06 billion credit cards are used in America and 2.8 billion worldwide.<\/strong><\/h4>\n\n\n\n
2. Credit card fraud victims in the United States increased to 150 million as of 2023.<\/strong><\/h4>\n\n\n\n
3. Identity theft claimed another American victim every 14 seconds.<\/strong><\/h4>\n\n\n\n
4. FTC recorded 5.1 million exposed consumer records in America in 2022.<\/strong><\/h4>\n\n\n\n
5. 22% of adults in the U.S. have already been victims of account takeover as of 2022.<\/strong><\/h4>\n\n\n\n
6. Global losses from payment card losses will reach $397.4 billion in the next 10 years.<\/strong><\/h4>\n\n\n\n
7. E-commerce fraud in Mexico increased by 239% in 2021.<\/strong><\/h4>\n\n\n\n
8. Emotional distress is reported by 87% of identity theft victims in current credit card fraud statistics and facts.<\/strong><\/h4>\n\n\n\n
9. The U.S. sustained 37% of the world\u2019s reported payment card fraud losses in 2021.<\/strong><\/h4>\n\n\n\n