Credit card fraud is a serious issue that affects millions of people around the world. According to recent statistics, credit card fraud losses reached $28.65 billion worldwide in 2019 and the United States accounted for nearly 38.6% of all credit card frauds globally. Furthermore, 80% of these incidents were committed through online channels while lost or stolen cards only account for 18%. Card-not-present (CNP) fraud surged by 34%, with 1 out of 5 consumers falling victim to it at least once in their lifetime. Companies also experienced an increase in attempted fraudulent activities as 61% reported having been targeted last year alone.
Fortunately, Experian recorded an 11% reduction in global credit card fraud rates during 2020 compared to previous years; however, this number is expected to reach $32.96 billion by 2026 due mainly to identity theft cases which represent 57% of all incidents reported so far this year according to some sources such as Cybersecurity Ventures and CompareCamp respectively . In addition, California had the highest number of reports filed (73 668), followed closely by Metro Atlanta Georgia where most per capita complaints occurred throughout 2019 according US Identity Theft Statistics from Secure Thoughts website . Finally , 70 % victims don’t learn about Credit Card Fraud until they receive a call from their issuer or review their statement -according Magnify Money blog post-.
This article will explore further into these alarming numbers and discuss how we can protect ourselves against them moving forward
Credit Card Frauds Statistics Overview
The highest number of credit card frauds per capita occurs in Sweden (133 incidents per 100,000 people).
This statistic is a stark reminder of the prevalence of credit card frauds in Sweden, with 133 incidents per 100,000 people. It serves as a warning to citizens of Sweden to be extra vigilant when it comes to their credit card security, and to take all necessary precautions to protect themselves from becoming victims of fraud.
Lost and stolen credit cards account for only 18% of credit card fraud incidents.
This statistic is a crucial piece of the puzzle when it comes to understanding the scope of credit card fraud. It reveals that the majority of fraud incidents are not due to lost or stolen cards, but rather other methods of fraud such as identity theft, account takeovers, and skimming. This highlights the importance of taking proactive measures to protect against all types of credit card fraud, not just lost or stolen cards.
Card-not-present (CNP) fraud surged by 34% in 2017.
This statistic is a stark reminder of the growing prevalence of card-not-present fraud in 2017. It serves as a warning to credit card holders that they must remain vigilant in protecting their accounts from fraudulent activity. The 34% surge in CNP fraud is a cause for concern and should be taken seriously by all credit card users.
61% of companies experienced a fraud attempt in 2019.
This statistic is a stark reminder of the prevalence of fraud attempts in 2019, highlighting the need for companies to be vigilant in protecting themselves from such malicious activity. It serves as a warning to companies to be aware of the risks of credit card fraud and to take the necessary steps to protect their customers and their own interests.
Experian recorded an 11% year-over-year reduction in global credit card fraud rates in 2020.
This statistic is a testament to the success of the measures taken to combat credit card fraud in 2020. It shows that the efforts of financial institutions, law enforcement, and other stakeholders have paid off, resulting in a significant reduction in global credit card fraud rates. This is an encouraging sign that the fight against credit card fraud is making progress and that further steps can be taken to further reduce the prevalence of this crime.
Credit card fraud is expected to reach $32.96 billion by 2026.
This statistic is a stark reminder of the magnitude of the problem of credit card fraud. It paints a picture of a future where the prevalence of fraud is expected to increase significantly, and highlights the need for greater vigilance and security measures to protect consumers from becoming victims of this crime.
Consumers in California filed the most credit card fraud reports (73,668) in 2019.
This statistic is a stark reminder of the prevalence of credit card fraud in California. It serves as a warning to consumers in the state to remain vigilant and take the necessary precautions to protect themselves from becoming victims of such fraud. It also highlights the need for businesses to invest in robust security measures to protect their customers' financial information.
Credit card fraud cost U.S. consumers $16.9 billion in 2019.
This statistic is a stark reminder of the immense financial burden that credit card fraud has placed on U.S. consumers. It serves as a powerful illustration of the need for greater vigilance and security measures to protect against this type of crime. The $16.9 billion figure is a sobering reminder of the real-world costs of credit card fraud and should be a call to action for all of us to take steps to protect ourselves and our finances.
Around 175,000 cases of card-not-present fraud were reported in the UK in the first half of 2020.
This statistic is a stark reminder of the prevalence of card-not-present fraud in the UK. It highlights the need for vigilance when it comes to protecting ourselves from this type of fraud, as it is becoming increasingly common. The fact that so many cases were reported in the first half of 2020 alone is a cause for concern, and serves as a reminder that we must remain vigilant in order to protect ourselves from this type of fraud.
Metro Atlanta, Georgia, had the most identity theft complaints per capita in 2019.
The fact that Metro Atlanta, Georgia, had the most identity theft complaints per capita in 2019 is a stark reminder of the prevalence of credit card frauds in the area. It serves as a warning to residents of the area to be extra vigilant when it comes to protecting their financial information. This statistic is a call to action for everyone to take the necessary steps to safeguard their credit cards and other financial information from potential fraudsters.
32% of fraud committed in 2019 worldwide were through bogus transactions ($9.47 billion).
This statistic is a stark reminder of the prevalence of fraudulent transactions in 2019, with a whopping $9.47 billion lost to bogus transactions. It serves as a warning to credit card users to be vigilant and take extra precautions to protect their cards from fraud. It also highlights the need for credit card companies to invest in more sophisticated security measures to protect their customers from such scams.
The statistics presented in this blog post demonstrate the prevalence of credit card fraud worldwide. In 2019, global losses from credit card fraud reached $28.65 billion and 80% of these incidents were committed through online channels. The United States accounted for nearly 38.6% of all cases while Sweden had the highest number per capita (133 incidents per 100,000 people). Lost or stolen cards only account for 18%, with most cases involving identity theft (57%) or bogus transactions (32%). Consumers should remain vigilant when using their cards online as well as review their statements regularly to ensure that no fraudulent activity has occurred on their accounts.
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