Concerning Credit Card Fraud Statistics & Facts for 2024

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)

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 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)

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)

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)

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)

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)

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)

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)

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)

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)

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)

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)

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)

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)

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)

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)

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)

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)

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)

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)