Credit card fraud is a pervasive and costly issue that continues to plague financial institutions and consumers alike. As our reliance on digital transactions and online shopping has grown, so too has the sophistication of fraudulent activities. In this statistics report, we will delve into the alarming trends and numbers surrounding credit card fraud.
By examining key data points, patterns, and the financial impact of these illicit activities, we aim to shed light on the magnitude of the problem and highlight the critical need for enhanced security measures in the world of electronic payments. This report will not only provide a snapshot of the current state of credit card fraud but also offer insights into potential solutions to combat this ever-evolving threat.
The purpose of such illegal practice is to buy goods and services without paying or to get hold of the unauthorized funds from an account by unlawful practice. In accordance to the United States federal Trade commission, while the identity theft had been increasing during the last few years, it a saw 21% increase in 2023. However, such incidents got decline during the last few years. Although the occurrence of such frauds is limited to only 0.1% of the all transactions. According to a research in 1999, almost one out of 1200 transactions turned out to be fraudulent. During 2007, the fraud was estimated at £535 million in United Kingdom.
Cards fraud begins with the theft of a physical card or the data associated with an account including the card account number or any other information relating to it. What countries have the highest credit cards fraud rates in the world?
United States
Historically, the United States has consistently reported some of the highest credit card fraud losses due to its large population and extensive use of credit cards for transactions.
United Kingdom
The UK has also experienced significant credit card fraud losses, although the numbers may not be as high as in the United States.
Canada
Credit card fraud has been a concern in Canada, with notable incidents reported over the years.
Australia
Australia has seen credit card fraud, particularly in online transactions and card-not-present scenarios.
European Union
Various countries within the European Union, such as Germany, France, and Italy, have experienced credit card fraud issues.
India
With the rapid adoption of digital payments, India has also witnessed an increase in credit card fraud cases.
China
China’s growing economy and widespread use of digital payments have made it a target for credit card fraud.
Brazil
Brazil has faced its share of credit card fraud challenges, especially in online transactions.
South Africa
Credit card fraud has been a concern in South Africa, affecting both consumers and businesses.
Credit card fraud statistics report by American citizens
| Credit Card Fraud Statistics Report | Data |
|---|---|
| American People affected by such frauds | 10 % |
| American Citizens reported as the victims of Debit Card Frauds | 7% |
| Median Reported Amount by Frauds | $399 |
| All Financial Frauds Concerned to Credit Cards | 40% |
| Overall Amount of Credit Cards Fraud around the globe | $5.55 Billion |
Different types of credit card frauds Throughout the World
Different Types of Credit Card Frauds
Application fraud
through which a person will falsify an application for the acquirement of a card. Application fraud can be come apart into assumed identity where a person pretends to be somebody else.
Financial Fraud
In this type, a person provides the fake information about his or her financial position just for the attainment of a card for its illegal use.
Intercept Fraud
In this type, a person applies for a card legitimately but before reaching its real destination, this card is stolen.
Lost and Stolen Credit Cards are also used in number of illegal ways that are increasing the number of annual fraud rates around the world.
Following table includes all the types of frauds and their percentage.
| Every Type of Credit Card Fraud | Percentage |
|---|---|
| Countriesfeit Credit Cards | 37 |
| Lost Or Stole | 23 |
| No-Card Fraud means giving the particulars related to a card to a non-legit telemarketer | 10 |
| Stolen Cards During the Mailing Fraud | 7 |
| Fraud of Identity Theft | 4 |
4 Initial Points of Contact for Frauds
Everyone should be careful and conscious about his/her credit card and transactions because a little mistake may cause a big fraud. Following is a statistical table showing the initial points of contact for frauds.
| Initial Point of Contact for Frauds | Percentage |
|---|---|
| 48 | |
| Internet Websites | 12 |
| Telephone | 10 |
| Miscellaneous | 17 |
There are number of people who are victims of such frauds following is a statistical table of different people who are being effected by fraudulent people on the basis of their age.
| Fraud Effected People by Age | Percentage |
|---|---|
| People aged between 20 – 29 | 19 |
| People aged between 30 – 39 | 22 |
| People aged between 40 – 49 | 25 |
| People aged between 50 – 59 | 25 |
| People aged between 60 + | 10 |
Debit and credit card fraud has threatened almost all the countries but United States has reported to have more cases than all other countries of the world. Following is a list of states having the highest rates of credit cards frauds in the world.
List of States With Highest Credit Card Frauds in the World
| Rank | State | Rate Per 1,00,000 |
|---|---|---|
| 1. |  Nevada | 412.9 |
| 2. |  Colorado | 412.4 |
| 3. |  New Hampshire | 387.2 |
| 4. |  Maryland | 393.6 |
| 5. |  Oregon | 291.7 |
| 6. |  Alaska | 377.7 |
| 7. |  Washington | 376.1 |