Imagine a thief steals a credit card every single second of the day—that staggering reality is reflected in the $33.56 billion siphoned away through global credit card fraud in 2022 alone.
Key Takeaways
- In 2022, global credit card fraud losses reached $33.56 billion, marking a 17.2% increase from the previous year
- The United States accounted for 40% of worldwide credit card fraud losses in 2022, totaling approximately $13.4 billion
- Card-not-present (CNP) fraud comprised 76% of all credit card fraud losses globally in 2022
- In 2023, there were 1.2 million credit card fraud complaints reported to the FTC in the US, a 14% increase from 2022
- Globally, 22 billion credit card transactions were fraudulent in 2022, equating to 1 in 77 transactions
- US consumers experienced credit card fraud 4.3 million times in 2022
- In 2022, 76% of credit card fraud globally was CNP, affecting 18 billion transactions
- Account takeover (ATO) represented 15% of credit card fraud incidents worldwide in 2022
- Friendly fraud or first-party misuse accounted for 28% of US credit card chargebacks in 2022
- In 2022, 45% of US credit card fraud victims were aged 30-49
- Women represented 52% of credit card fraud victims globally in 2022
- US consumers aged 60+ comprised 22% of credit card fraud victims in 2022 despite being 20% of population
- 92% of credit card frauds were detected within 24 hours in 2022 globally
- AI-based fraud detection prevented $2.5 billion in US CC fraud in 2022
- 3D Secure 2.0 reduced EU CNP CC fraud by 71% in first-party auth in 2022
Global credit card fraud losses are rising rapidly, especially for online transactions.
Detection
- 92% of credit card frauds were detected within 24 hours in 2022 globally
- AI-based fraud detection prevented $2.5 billion in US CC fraud in 2022
- 3D Secure 2.0 reduced EU CNP CC fraud by 71% in first-party auth in 2022
- Biometric verification blocked 65% of ATO attempts on CCs in 2022
- Real-time monitoring flagged 88% of anomalous CC transactions in US 2022
- EMV chips cut US counterfeit CC fraud by 87% since 2015 through 2022
- Machine learning models achieved 95% accuracy in CC fraud detection globally 2022
- Tokenization services protected 70% of mobile CC payments from fraud in 2022
- Behavioral biometrics stopped 55% of phishing CC thefts in 2022
- Chargeback fraud detection rates reached 78% for merchants in 2022
- Velocity checks on CC transactions prevented 40% of carding attacks in 2022
- Device fingerprinting identified 82% of repeat CC fraudsters in 2022
- PSD2 SCA reduced unauthorized EU CC payments by 46% in 2022
- Graph analytics detected 60% of synthetic CC identities in 2022
- Geolocation mismatch alerts stopped 35% of cross-border CC frauds 2022
- Network tokenization cut fraud rates by 58% in digital commerce 2022
- Rule-based systems flagged 75% of high-risk CC transactions in 2022
- Email validation prevented 50% of BEC-related CC frauds in 2022
- Dark web monitoring alerted on 90% of stolen CC dumps within 48 hours 2022
- Multi-factor authentication blocked 68% of unauthorized CC logins 2022
- Anomaly detection in spending patterns caught 72% of bust-out schemes 2022
- IP reputation scoring stopped 45% of proxy-based CC fraud in 2022
- Contactless limit reductions prevented 25% of shoulder-surfing frauds 2022
- AI chatbots verified 80% of disputed CC transactions instantly 2022
- Blockchain-based CC verification pilots reduced fraud by 92% in tests 2022
- 85% of detected CC frauds were prevented pre-authorization in 2022 US
Detection Interpretation
The digital sentinels are winning the arms race, as evidenced by the fact that in 2022, a formidable arsenal of AI, biometrics, and real-time analytics not only detected the vast majority of credit card fraud within a day but also stopped billions in losses before the criminals could even toast their cheap champagne.
Financial Losses
- In 2022, global credit card fraud losses reached $33.56 billion, marking a 17.2% increase from the previous year
- The United States accounted for 40% of worldwide credit card fraud losses in 2022, totaling approximately $13.4 billion
- Card-not-present (CNP) fraud comprised 76% of all credit card fraud losses globally in 2022
- In the US, credit card fraud losses for issuers were $10.2 billion in 2022, up 12% from 2021
- Merchants worldwide absorbed $7.9 billion in credit card fraud losses in 2022 due to chargebacks
- Online credit card fraud losses in the US hit $5.8 billion in 2022, representing 57% of total card fraud losses
- Projected global card fraud losses to reach $43 billion by 2026, growing at 6.2% CAGR
- In Europe, credit card fraud losses were $8.7 billion in 2022, with the UK leading at $2.1 billion
- US banks reported $12.5 billion in credit card fraud reimbursements to consumers in 2022
- E-commerce credit card fraud losses globally exceeded $41 billion in 2022 according to Juniper Research
- Card-present fraud losses in the US dropped to $2.1 billion in 2022 from $3.2 billion in 2019 due to EMV chips
- In 2023, Q1 credit card fraud losses in the US reached $3.2 billion, up 15% YoY
- Global counterfeit card fraud losses were $1.8 billion in 2022
- Acquirers in Asia-Pacific faced $4.5 billion in credit card fraud losses in 2022
- US credit unions reported $1.1 billion in member credit card fraud losses in 2022
- Lost and stolen card fraud losses globally totaled $2.4 billion in 2022
- In 2022, Brazil saw credit card fraud losses of $2.9 billion, highest in Latin America
- Account takeover fraud via credit cards cost US consumers $1.2 billion in 2022
- Merchants in the travel sector lost $3.2 billion to credit card fraud in 2022 globally
- Projected US credit card fraud losses to hit $15 billion by 2025
- In 2022, credit card fraud represented 35% of total payment fraud losses worldwide at $11.7 billion
- EU credit card fraud losses under PSD2 were €2.5 billion in 2022
- US retailers absorbed $4.8 billion in friendly fraud chargebacks on credit cards in 2022
- Global digital wallet-linked credit card fraud losses reached $1.9 billion in 2022
- In Canada, credit card fraud losses totaled CAD 1.2 billion in 2022
- US seniors over 60 lost $1.5 billion to credit card fraud in 2022
- EMEA region credit card fraud losses were $9.3 billion in 2022
- In 2022, first-party misuse fraud on credit cards cost $800 million globally
- US BNPL-linked credit card fraud losses hit $450 million in 2022
- Worldwide, credit card fraud losses per card issued were $4.23 in 2022
Financial Losses Interpretation
Despite credit cards becoming ever more digital, it seems fraudsters are proving the old adage "the best defense is a good offense," as evidenced by the $33.56 billion they successfully stole globally in 2022, a number that's growing faster than most people's retirement savings.
Fraud Types
- In 2022, 76% of credit card fraud globally was CNP, affecting 18 billion transactions
- Account takeover (ATO) represented 15% of credit card fraud incidents worldwide in 2022
- Friendly fraud or first-party misuse accounted for 28% of US credit card chargebacks in 2022
- Phishing attacks led to 22% of credit card fraud cases globally in 2022
- Skimming and shimming caused 12% of card-present credit card frauds in the US in 2022
- Lost/stolen physical cards drove 8% of global credit card fraud in 2022
- Counterfeit card fraud made up 5% of worldwide credit card losses in 2022
- In e-commerce, triangulation fraud comprised 7% of credit card frauds in 2022
- Application fraud for new credit cards rose to 10% of total fraud in US in 2022
- Malware-based credit card data theft accounted for 18% of breaches in 2022
- In 2022, 35% of credit card fraud in Europe was remote CNP via social engineering
- Bust-out fraud, where fraudsters max out credit cards before disappearing, was 4% globally
- SIM swapping led to 6% of mobile-linked credit card frauds in 2022
- In retail, return fraud using stolen credit cards was 9% of cases in 2022
- Dark web purchases with stolen CC data formed 25% of fraud transactions in 2022
- In 2022, 42% of US credit card fraud was via digital wallets like Apple Pay hacks
- Email-based business email compromise (BEC) stole CC data in 11% of cases
- Physical ATM skimming targeted credit cards in 14% of US frauds in 2022
- Synthetic identity fraud for credit cards grew to 13% in 2022 globally
- In travel sector, hotel key card cloning caused 5% of frauds in 2022
- Vishing (voice phishing) for CC details was 19% of social engineering frauds
- In 2022, BIN attacks using credit card first 6 digits hit 3% of fraud attempts
- Refund abuse with stolen CCs accounted for 8% of e-com fraud in 2022
- Card testing or carding bots performed 20% of small-ticket frauds
- In APAC, WeChat mini-app credit card fraud was 7% in 2022
- POS terminal tampering led to 10% of card-present frauds in 2022
- Crypto exchange CC fraud via fake accounts was 12% in 2022
Fraud Types Interpretation
Even with the fortress of modern finance, the fraudsters' playbook is proving disturbingly diverse, as card-not-present scams dominate like a seasoned pickpocket, while a rogue's gallery of digital trickery—from friendly fire to dark web deals—picks the rest of our pockets through screens, social engineering, and sheer audacity.
Prevalence
- In 2023, there were 1.2 million credit card fraud complaints reported to the FTC in the US, a 14% increase from 2022
- Globally, 22 billion credit card transactions were fraudulent in 2022, equating to 1 in 77 transactions
- US consumers experienced credit card fraud 4.3 million times in 2022
- Card-not-present transactions accounted for 82% of credit card fraud incidents worldwide in 2022
- In the UK, 2.4 million credit card fraud cases were reported in 2022
- US Federal Trade Commission received 467,000 credit card fraud reports in 2022
- Globally, credit card fraud affected 1 in 50 cardholders in 2022
- In 2023, India reported over 1.5 million credit card fraud cases, up 25% YoY
- EU saw 12 million unauthorized credit card transactions in 2022
- US banks detected 15 million fraudulent credit card transactions in 2022
- Worldwide, 0.85% of credit card transactions were fraudulent in 2022
- Australia recorded 180,000 credit card fraud incidents in 2022
- In Brazil, credit card fraud cases rose to 4.1 million in 2022
- Canada had 120,000 credit card fraud reports in 2022
- Globally, phishing-related credit card fraud incidents numbered 8.5 million in 2022
- US merchants blocked 2.8 million fraudulent credit card attempts in Q4 2022
- In 2022, 65% of US consumers reported experiencing credit card fraud at least once
- Europe detected 45 million suspicious credit card transactions in 2022
- Global skimming attacks on credit cards led to 1.1 million fraud cases in 2022
- US credit card fraud rate per 1,000 transactions was 1.2 in 2022
- In 2023, Q2 saw 350,000 new credit card fraud complaints in the US
- Worldwide, account takeover via credit cards affected 5.2 million accounts in 2022
- China reported 2.3 million credit card fraud incidents in 2022
- 28% of global e-commerce sites experienced credit card fraud weekly in 2022
- US Gen Z reported 1.8 million credit card fraud cases in 2022
- In 2022, 3G networks were used in 40% of mobile credit card frauds globally
- UK contactless credit card fraud cases hit 1.2 million in 2022
- Global dark web credit card dumps reached 12 million listings in 2022
- US small businesses saw 950,000 credit card fraud attempts in 2022
Prevalence Interpretation
While the sheer volume of credit card fraud statistics paints a grim portrait of digital larceny, the truly sobering takeaway is that we've normalized a global crime wave where a handful of clicks can be more lucrative for a thief than a bank heist.
Victim Profiles
- In 2022, 45% of US credit card fraud victims were aged 30-49
- Women represented 52% of credit card fraud victims globally in 2022
- US consumers aged 60+ comprised 22% of credit card fraud victims in 2022 despite being 20% of population
- Millennials (25-40) experienced 38% of all US credit card fraud incidents in 2022
- Low-income households (<$50k/year) suffered 28% of US CC fraud cases in 2022
- Urban dwellers faced 65% of credit card fraud attacks in the US in 2022
- Gen Z (18-24) reported 15% of CC fraud despite only 12% card ownership
- Self-employed individuals were 1.8x more likely to be CC fraud victims in 2022
- In Europe, 30% of CC fraud victims were over 65 in 2022
- College students in US had CC fraud rates 2.5x average in 2022
- Hispanic consumers in US faced 18% of CC fraud reports in 2022
- Online shoppers using CCs daily were 4x more victimized in 2022
- Retired individuals lost to CC fraud 1.7x more per capita in 2022 US
- Rural US residents had 12% lower CC fraud victimization rate in 2022
- LGBTQ+ individuals reported 25% higher CC fraud rates in 2022 surveys
- High-income (>$100k) faced more CNP CC fraud at 42% in 2022 US
- Veterans in US were 30% more likely to be CC fraud targets in 2022
- Single parents had 2.2x CC fraud incidence in 2022 UK data
- Immigrants/new residents faced 35% of ID-related CC fraud in 2022
- Gamblers/online bettors 3x more CC fraud victims in 2022
- Teachers/professionals in education hit hardest at 14% victimization
- In 2022, 55% of CC fraud victims had average credit scores 650-750
- Frequent travelers comprised 28% of international CC fraud victims
- Homeowners with mortgages 1.5x more targeted than renters in 2022
- In Australia, females over 50 were 40% of CC fraud victims in 2022
Victim Profiles Interpretation
While credit card fraud might seem like a random digital plague, the 2022 data paints a picture where your risk is less about bad luck and more about your lifestyle—with millennials juggling online orders, urbanites navigating crowded networks, and frequent online shoppers essentially holding a "defraud me" sign, proving convenience often comes with a hidden transaction fee.
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