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Concerning Credit Card Fraud Statistics & Facts for 2024

Dunja Radonic
Author: 
Dunja Radonic
Nikola Djordjevic
Editor: 
Nikola Djordjevic
12 mins
February 27th, 2023
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Concerning Credit Card Fraud Statistics & Facts for 2024

Credit card fraud happens more often than we think. So what can we do? As fraudsters become more subtle and organized, overthinking will only stress us out. On the other hand, naivety won’t help either. So let’s find out how often it happens, how it happens, and how much it costs, as well as some of the most surprising credit card fraud statistics.

After all, it’s easier to stay safe when you’re well-informed.

10 Key Credit Card Fraud Statistics to Know in 2024

  • The credit card is the most commonly reported payment method in fraud reports.

  • Global losses are projected to reach $36.13 billion in 2023.

  • UK losses totaled £272.3 million in the first half of 2022.

  • US losses in 2022 are estimated at $12.6 billion.

  • By 2024, 74% of losses will be attributed to card-not-present fraud.

  • 23% of consumers who file chargebacks admit to committing friendly fraud.

  • Account takeover attacks rose by 131% in the first half of 2022.

  • Credit card skimming grew 759% in H1 2022 in the US.

  • Credit card details cost $120 and less on average on the Dark Web.

  • Domestic transactions accounted for 71% of total fraud costs to ecommerce merchants.

General Credit Card Fraud Facts and Numbers

Online credit card fraud statistics show 61% of online merchants say credit card was the leading payment method in committing fraud.

However, according to global online merchants surveyed, debit cards were used more frequently, at 67%. Paypal fraud was just as common as credit card fraud at 61%, followed by American Express at 44%, BNPL at 31%, Apple Pay at 21%, and Google pay at 16%.

(Statista)

Domestic transactions accounted for 71% of total fraud costs for ecommerce merchants.

Credit card fraud data highlights the importance of caution when it comes to domestic transactions. Domestic transactions are responsible for a disproportionate percentage of costs. However, within only a year, the domestic versus international fraud ratio changed significantly in favor of international fraud, whose share grew from 16% in 2020 to 29% in 2021.

(Statista)

Credit card details for cards with $5,000 on them costs only $120 on average on the Dark Web.

Credit card theft statistics are frightening: in 2022, card details could be purchased for $120 for cards with balances up to $5,000, or as little as $80 for cards with up to $1,000. Moreover, there have been card detail dumps on the DarkWeb offering details for free, as parts of marketplace promotional campaigns. The latest campaign in June 2022 offered details for 1.2 million cards.

(Privacy Affairs)

Credit card fraud stats show credit losses tower over debit losses.

It’s estimated that a total of $3.03 billion of loss will happen via debit cards in the US in 2022. However, more money will be lost via credit card frauds, as statistics show — a disturbing $5.72 billion across three channels (online, phone, and mail-order).

(Insider Intelligence)

The credit card is the most commonly reported payment method in fraud reports.

There were 88,354 reported cases of credit card fraud and 389,737 reports of credit card fraud as part of identity theft in 2021. However, bank fraud loss statistics show reported credit card losses were slight compared to total losses via bank payments at $756 million, the highest total losses of all payment methods. Stats on cryptocurrency showed losses that are almost as gigantic at $750 million.

(FTC)

People between 30 and 39 were more likely to be a victim and report credit card fraud, while people over 80 had the highest median losses.

Out of 389,737 credit card fraud cases reported as part of identity theft, people between 30 and 39 reported 108,592, being the age group with the highest number of reports. On the other hand, while people over 80 filed fewer reports, their median losses were the highest, at $1,500.

(FTC)

Credit Card Frauds: Statistics by Country

Credit card fraud statistics for the UK show losses totaled £272.3 million in the first half of 2022.

The stats indicate a 4% rise in card fraud compared to the first half of 2021. In the first half of 2022, card spending overall grew by 14%, lowering payment card fraud to 7.1% of total purchases in H1 2022, compared to 7.6% in H1 2021. Finally, for every £10 of attempted card fraud, £6.39 was stopped without any loss.

(UK Finance)

In the US, card fraud loss in 2022 was estimated at $12.6 billion.

Payment card fraud statistics show card fraud growth hit 8.2% compared to 2021. The most dramatic surge in remote fraud was mostly due to the growth of online shopping in 2020, however, the situation has calmed down since, especially as brick-and-mortar returned. In-person fraud amounted to $3.40 billion, and the numbers show the growth rate of in-person card fraud has slowed down.

(Insider Intelligence)

Credit card fraud statistics for Europe show that only four of the studied countries reduced their card fraud losses in 2021.

Denmark achieved the largest decrease in credit card fraud, reducing losses by 19%. The second-highest loss cut was achieved by Sweden with 12%, with Hungary in third place with 9% and the UK following with 5%.

However, the UK saw the largest net reduction, cutting losses for the third year in a row. Other countries saw an increase in card fraud losses, with the Netherlands at the top with an increase of 18%, along with Portugal with 15% higher losses.

(FICO)

In 2023, global card industry losses to fraud are projected to reach $36.13 billion in 2023, or $0.0668 per $100 of volume.

Payment card fraud statistics indicate that fraud losses in 2030 could reach $0.0623 per $100 of volume globally or $49.32 billion total. Industry losses in the US are projected to reach $0.0897 per $100 in the same year. Moreover, between 2020 and 2030, aggregated card industry fraud losses will reach $408.5 billion.

(Nilson)

US credit card fraud volume made up for 35.83% of global fraud in 2020.

While making up for slightly over one-fifth of the global transaction volume, US fraud volume accounted for more than a third of the world’s total. So when looking at credit card fraud rates by country, the US is by far the country with the highest fraud rates.

(Nilson)

3.5% of US credit card holders reported credit card loss, theft, or fraud just in 2020.

The reported credit card fraud rates in the US were much lower in 2020 than in the previous five years: 5% in 2019, 4.5% in 2018, 5.2% in 2017, 4.2% in 2016, and 5.7% in 2015. The numbers for debit cards weren’t more encouraging either: with 4.1% in 2020 up to 5.8% in 2015, debit card fraud, theft, or loss were also quite frequent.

(Atlanta Fed)

Statistics on Different Credit Card Fraud Types

By 2024, 74% of losses will be attributed to card-not-present fraud, statistics show.

Card-not-present fraud is a type of card fraud that is done without a card physically present, so either through online, phone, or mail transactions. Before the pandemic and the consequent growth in online shopping, the share of CNP fraud in total losses was 57.0% (2019 numbers).

(Insider Intelligence)

23% of consumers who file chargebacks admit to committing friendly fraud.

According to credit card chargeback fraud statistics, 23% of consumers admit to asking for chargeback even though they’re satisfied with the purchase. Moreover, projections put the cost of chargebacks will exceed $100 billion in 2023. The holiday shopping season is an especially tricky time for merchants, as a portion of consumers will file chargebacks more often to reduce their holiday spending.

(Sift)

$192.53 was the average value of a chargeback in 2022.

The average value of a disputed purchase in 2022 has grown 16% compared to 2021, when the average value was $166.69. In addition, the number of claims has grown by 35% in Q3 2022 compared to the first quarter of the year. Consumers usually file claims directly to their credit card company, often in an attempt to take control of their credit card debt.

(Sift)

Account takeover attacks rose by 131% across Sift’s global network in the first half of 2022.

Bank fraud statistics show that account takeover attacks grew especially quickly in fintech with a 71% increase, with crypto exchanges witnessing the highest growth within fintech at 79%. The second industry according to ATO attack growth was marketplaces with 39%, and digital goods and services with 37%.

ATO attacks are challenging to handle as attackers use stolen personal information to steal funds, usually from dormant accounts, so the attacks don’t sound any alarms until it's too late.

(Sift)

42% of ATO victims noticed purchases made via their hacked accounts.

The growth of new technologies and economic instabilities provide fertile ground for fraud and theft. Along with unauthorized purchases, victims saw their reward points gone (reported by 30% of victims), their credit scores disrupted, and even their crypto wallets hacked and emptied.

(Sift)

Credit card skimming statistics show skimming grew 759% in H1 2022 in the US.

Skimming devices can be hidden in POS terminals, ATMs, or gas pumps where they steal payment card data. This type of payment fraud is responsible for over $1 billion in losses annually. In H1 2022, the number of compromised cards was 501% higher compared to the same period the previous year.

(FICO)

54% of fraud-related transactions happen within two weeks of data skimming.

Another piece of useful credit card fraud prevention statistics shows that balance inquiries accounted for 65% of transactions that led to discovering a card has been compromised. Institutions can use this data to improve skimming fraud protection by developing strategies around flagging suspicious balance inquiry behavior.

(FICO)

In the first half of 2022, 53% of skimming frauds took place in California.

When it comes to credit card fraud in the US, stats confirm that the most populous state had the largest share of skimming incidents. California also had the highest number of payment card fraud reports in general during this period, however, this does not mean it’s particularly dangerous: it ranked 22nd according to reports per 100,000 inhabitants.

(FICO, FTC)

Bank fraud statistics show reports of fraud by new accounts grew 64% compared to the previous year.

Numbers covering identity theft also show frauds concerning debit card, electronic funds transfer, or ACH transfer also grew by 8% in 2021 compared to 2020. Moreover, fraud by existing accounts grew by 5% only, which is minuscule compared to new account fraud growth.

(FTC)

Parting Words

While credit card fraud statistics paint a bleak picture, especially out of context of the total transaction volume, it’s important to stay aware that financial institutions are improving their services and cybersecurity measures continually. Also, there are measures we can take to protect ourselves, even in the case something does happen. Let’s hope we never have to.

FAQ

How much money is lost to credit card fraud every year?
How does credit card fraud happen?
How common is credit card fraud?
How to prevent credit card fraud—and what can I do to protect myself?

Sources:

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Contributors

Dunja Radonic
Dunja is an English Literature graduate with years of experience as a writer and translator within the financial sector. She loves diving into as many reports and numbers —especially about topics like personal finance that still need some translating to the public. When she's not working, you'll find her running wild with her pack of dogs, playing board games, or bingeing on pop science videos.
Nikola Djordjevic
Nikola has over five years of experience in content management. During that time, he’s worked on over twenty websites in a diverse set of niches, ranging from healthcare to finance—most of which he helped build from the ground up.
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