Credit and debit card theft has become so commonplace that you may have lost track of just how big of a problem it is. Here are 8 sobering statistics to give you perspective:
1. How much does credit card fraud cost worldwide each year?
It’s hard to put an accurate price tag on credit & debit card fraud, but the Nilson Report estimates that in 2016, losses topped $24.71 billion. That represents a 12% increase over the previous year. All estimates for 2018 are that it will be the biggest yet.
2. What country gets targeted most for credit card fraud?
Not surprisingly, a report from Barclays found that 47% of the world's credit card fraud happens right here in the U.S.
3. What percentage of Americans have been victims of credit card fraud?
ACI Worldwide (an electronic payment systems company) estimates that a whopping 46% of Americans have had their card information compromised at some point in the past 5 years.
4. Which state has the highest number of fraud complaints?
Based on Federal Trade Commission (FTC) reports, Florida tops the list with over 300,000 fraud complaints filed in 2015 alone. Georgia and Michigan come in second and third in terms of fraud complaints.
5. Has the introduction of EMV in the U.S. helped with the fraud rate?
The U.S. finally upgraded to EMV in 2015, which makes counterfeiting cards virtually impossible. While it helps with reducing in-store fraud, it doesn't help online fraud. In fact, this simply led the bad guys to target new accounts (as opposed to existing accounts). By the end of 2015, there was a 113% increase in new account fraud, which accounted for 20% of all fraud losses.
6. What age group is most often targeted for identity theft?
According to the FTC's 2015 report, 24% of fraud cases involved adults aged 50 to 59. 20% of complaints were filed by adults aged 40 to 49. Another 21% involved seniors aged 60 and older.
7. What is the price tag on all this fraud?
Individual financial losses vary widely but in 2014, the median loss (combined direct and indirect) reported per incidence of fraud was $300. The average reported loss was $1,343.
8. What form does credit card fraud most frequently take?
Overwhelmingly, the majority of credit card fraud occurs online or over the phone to make purchases. Also known as CNP or card-not-present transactions, this type of activity accounts for 45% of all fraudulent card usage.
The bottom line is…despite all the effort to secure bank financial systems, it is still a big, big problem. But, TRACK4 has a solution. We can scan, analyze and identify stolen credit & debit cards BEFORE they are sold and fraudulently used.
To find out more, send us a note at firstname.lastname@example.org