Summary
- • In 2020, credit card fraud losses totaled $11.3 billion in the US.
- • In 2020, 46% of Americans experienced credit card fraud.
- • The average loss per identity theft incident involving credit card fraud was $1,470 in 2020.
- • Credit card fraud accounted for 35% of all identity theft reports in 2020.
- • Credit card fraud increased by 104% in the UK in 2019.
- • 67% of credit card fraud in the UK was due to card not present (CNP) transactions in 2019.
- • Cybersecurity Ventures predicts that global annual cybercrime costs will reach $6 trillion by 2021.
- • 32% of Americans have experienced credit card fraud in the past five years.
- • 830 million personal data records were exposed in data breaches in the first half of 2020.
- • The average cost of a data breach in the US was $8.64 million in 2020.
- • 41% of Americans have experienced credit card fraud at some point in their lives.
- • By 2025, fraud losses on credit cards will reach $12.7 billion annually in the US.
- • 60% of Americans are very or extremely concerned about becoming victims of credit card fraud.
- • The top targets for credit card fraud were consumers between the ages of 30-39 in 2020.
- • The US accounted for 47% of global payment card fraud costs in 2020.
As the saying goes, swiping left takes on a whole new meaning when it comes to credit card fraud—the numbers dont lie. In 2020, the US alone lost a staggering $11.3 billion to these sneakier-than-a-ninja scammers, with a whopping 46% of Americans falling victim to their clever schemes. From trendy cyber thieves to the classic card-not-present con artists, the statistics paint a bleak picture of our plastic-driven world. Grab your magnifying glass and brace your wallet, because were diving into the eye-opening world of credit card fraud in this blog post.
Account takeover fraud losses
- Cybersecurity Ventures predicts that global annual cybercrime costs will reach $6 trillion by 2021.
- The average cost of a data breach in the US was $8.64 million in 2020.
- Cybercrime will cost the world $10.5 trillion annually by 2025.
- Account takeover fraud increased by 72% in 2020.
- 54% of U.S. businesses have experienced payments fraud in the past year.
- Mobile payment fraud increased by 733% in the first six months of 2019.
- The average loss from account takeover fraud in 2020 was $290 per incident.
- The UK saw a 20% increase in fraud attempts on mobile applications in 2020.
- Mobile banking-related fraud incidents increased by 80% in the US in 2020.
- The total value of authorized push payment fraud (APP) in the UK was £46.1 million in the first half of 2020.
- The average loss per account takeover fraud incident was $3,185 in 2020.
Interpretation
As financial institutions grapple with the growing menace of cybercrime, the numbers paint a stark reality: the price of convenience in our digital age is setting records, and it's not in a good way. With cybercrime costs projected to skyrocket to $6 trillion by 2021 and a predicted global annual toll of $10.5 trillion by 2025, it's official – the dark web is giving Wall Street a run for its money. From the ever-increasing account takeover fraud rates to the jaw-dropping surge in mobile payment fraud, it's crystal clear that the battle for financial security is no longer fought with swords and shields, but with encryption and vigilance. So, as we watch the numbers climb, it seems the only thing getting slimmer is our chances of a fraud-free future.
Contactless payment preferences
- 53% of people consider using contactless payment methods to be more secure than traditional card payments.
Interpretation
In a world where scammers are as sneaky as they are prevalent, the allure of tapping your card without a care can be tempting. The statistics show that 53% of people trust the contactless realm more than the traditional swipe-and-sign routine, perhaps finding comfort in the tap-and-go simplicity. However, as we navigate the landscape of credit card frauds, it's crucial to remember that trust in technology should always be accompanied by vigilance and a hint of skepticism. After all, a flick of the wrist may be convenient, but it's the steady gaze on our financial security that truly keeps the wolves of fraud at bay.
Credit card fraud losses trends
- The average loss from card-not-present fraud was $4,900 per incident in Canada in 2020.
- In 2020, credit card fraud losses rose by 17% in the UK.
- Credit card fraud resulted in losses of $4.2 billion in 2020 in Australia.
Interpretation
In a world where swiping has been replaced by clicking, the digital battlefield of credit card fraud continues to thrive, as evidenced by the staggering statistics from around the globe. From the maple-draped lands of Canada, where each card-not-present fraud incident siphons an average of $4,900 from unwitting victims, to the tea-sipping shores of the UK, where fraud losses have climbed a cheeky 17%, and down under in Australia, where a jaw-dropping $4.2 billion disappeared into the dark depths of financial malfeasance in 2020. While the digits may dance in the virtual realm, the real-world impact of these numbers serves as a stark reminder that vigilance and security remain paramount in the ever-evolving landscape of modern finance.
Credit card fraud statistics
- In 2020, credit card fraud losses totaled $11.3 billion in the US.
- In 2020, 46% of Americans experienced credit card fraud.
- Credit card fraud accounted for 35% of all identity theft reports in 2020.
- Credit card fraud increased by 104% in the UK in 2019.
- 67% of credit card fraud in the UK was due to card not present (CNP) transactions in 2019.
- 32% of Americans have experienced credit card fraud in the past five years.
- 41% of Americans have experienced credit card fraud at some point in their lives.
- By 2025, fraud losses on credit cards will reach $12.7 billion annually in the US.
- 60% of Americans are very or extremely concerned about becoming victims of credit card fraud.
- The top targets for credit card fraud were consumers between the ages of 30-39 in 2020.
- The US accounted for 47% of global payment card fraud costs in 2020.
- Credit card fraud attempts grew by 240% in the first quarter of 2020 compared to the previous year.
- Credit card fraud losses are expected to continue rising, reaching $8.6 billion by 2023.
- The UK saw a 77% increase in e-commerce fraud in 2019.
- Credit card fraud losses in the US increased by 18.98% in 2020 compared to the previous year.
- 86% of global consumers believe that companies should be responsible for preventing credit card fraud.
- The average time to identify a credit card data breach is 206 days.
- 24% of US consumers have experienced credit card fraud in the past two years.
- Credit card fraud increased by 25% in Australia between 2018 and 2019.
- Credit card fraud accounted for 34% of all identity theft incidents reported in 2019.
- 29% of Americans have had their credit card information stolen.
- 96% of banks and credit unions in the US reported an increase in card fraud in 2020.
- The average cost for card-not-present (CNP) fraud in the US was $229 per incident in 2020.
- Payment card fraud losses reached $27.85 billion globally in 2020.
- 65% of Americans are concerned about how retailers manage their credit card information.
- Australian card-not-present (CNP) fraud increased by 77% in 2019.
- 43% of US consumers experienced credit card fraud between 2018 and 2020.
- Mobile banking users are more likely to experience credit card fraud compared to non-mobile users.
- Credit card skimming incidents increased by 143% in the US in 2019.
- Card present fraud increased by 8.9% in Australia in 2019.
- Half of Americans think they can avoid credit card fraud by using cash.
- 53% of consumers blamed retailers for credit card fraud incidents in 2020.
- Card-not-present fraud is expected to rise to $130 billion globally by 2023.
- The average cost of a fraudulent transaction for merchants in the US was $3.36 in 2020.
- 31% of Americans have experienced credit card fraud multiple times.
- 88% of financial services companies have experienced some kind of fraud in the past 12 months.
- Card not present fraud accounted for 27% of total card fraud losses in Europe in 2019.
- 69% of businesses in the US were victims of payment fraud in 2020.
- The total value of fraudulent card transactions worldwide is estimated to reach $50 billion by 2025.
- Online shopping fraud increased by 30% in the UK in 2020.
- 47% of UK consumers have been targeted by scam calls related to credit card fraud.
- In 2020, fake credit card applications increased by 50%.
- Around 18% of all reported fraud in Australia involved credit cards in 2020.
- 76% of consumers believe that the responsibility for preventing credit card fraud lies with financial institutions.
- 60% of consumers in Brazil have been victims of credit card fraud.
- Over 42% of Americans have reported experiencing credit card fraud more than once.
- Card-not-present fraud accounted for 63.3% of all card fraud losses in Europe in 2019.
- 21% of US consumers have been victims of credit card fraud in the past year.
- 74% of businesses worldwide were victims of payment fraud in 2019.
- The Federal Trade Commission reported over 450,000 credit card fraud complaints in 2020.
- The average loss per incident of card-not-present fraud was $660 in 2020.
- Asia-Pacific countries accounted for 56% of global payment fraud in 2020.
- 35% of consumers in India have experienced credit card fraud.
- US-based internet crime complaints included more than 42,000 reports of credit card fraud in 2020.
- The average loss per card fraud transaction in Europe was €19 in 2020.
- 87% of businesses in the US have experienced attempted or actual payments fraud.
- Card-not-present fraud losses amounted to £470 million in the UK in 2020.
- Brazil had the highest rate of card-not-present fraud in Latin America in 2020.
- Credit card fraud losses reached $9.7 billion in the US in 2020.
Interpretation
In a world where plastic may be fantastic but also a fiasco waiting to happen, the staggering statistics of credit card fraud paint a picture of financial fumbling on a global scale. From sky-high losses to skyrocketing fraud attempts, it seems fraudsters are swiping and scamming with wild abandon. With consumers feeling more on edge than a cat in a room full of rocking chairs, and financial institutions under increasing pressure to tighten their virtual purse strings, the battle against credit card fraud is like a high-stakes game of cat and mouse. So, as we tap, swipe, and click our way through the digital landscape, one thing is clear – in the world of credit card security, it pays to stay one step ahead or risk being left with a hefty bill and a headache to match.
Identity theft incident losses
- The average loss per identity theft incident involving credit card fraud was $1,470 in 2020.
- 830 million personal data records were exposed in data breaches in the first half of 2020.
- Around 15 million Americans experienced identity fraud in 2016.
- The average out-of-pocket cost to victims of identity theft is $631.
- In 2020, there were 1,100 data breaches that exposed over 36 billion records globally.
- Identity theft was the most reported type of fraud in 2020, accounting for 32% of all reports.
Interpretation
In a world where data breaches are as common as matching socks disappearing in the laundry, the statistics on credit card fraud paint a pretty penny-pinching picture. With an average loss of $1,470 per incident, it seems identity thieves have a real knack for turning a profit at the expense of others' financial security. And with a whopping 830 million personal data records exposed in just the first half of 2020, it's clear that protecting our digital selves is becoming an increasingly uphill battle. So, as we navigate through this data minefield, perhaps it's time to add a pinch of vigilance to our online shopping carts and a dash of skepticism to our digital footprints. After all, in a world where the only thing more abundant than data is the opportunity for fraud, it might just pay to be a little extra cautious.
