Shocking Credit Card Fraud Statistics & Facts for 2023
Fraudulent activities are one of those things that we are aware of but don’t bother with too much unless we fall victim to one. However, once that happens, chances are it is already too late. Credit card fraud statistics show that not even 1% of the scams happening on a daily basis are resolved by law enforcement.
Credit card fraud is a much bigger problem than what you might have expected before looking at the relevant data, especially in the US. The stats show that billions on top of billions are lost to credit card fraud worldwide, and more than one-third of the stolen money belonged to Americans. So let’s dig into the latest information on credit card fraud and see how serious of an issue it actually is.
Top 10 Credit Card Fraud Statistics
A total of $28.58 billion credit card fraud loss was suffered by credit card issuers, merchants, and consumers in 2020.
Global general purpose brand cards reported a credit card fraud loss of $25.27 billion in 2020.
The global loss due to credit card fraud is estimated to reach e $49.32 billion in 2030.
The total amount of money lost on fraud performed on UK-issued cards in 2020 is £574.2 million.
Credit card fraud happening in the USA accounted for 35.83% of global fraud in 2020.
In 2020, 3.5% of American credit card holders reported a credit card loss, theft, or fraud in the past 12 months.
The Federal Trade Commission reported receiving 389,845 credit card fraud reports in 2021.
389,737 of the 1,434,676 identity theft reports in 2021 were related to credit card fraud.
88,354 of the frauds that resulted in money loss in 2021 involved credit cards.
There have been 230,937 credit card fraud reports filed in the first two quarters of 2022.
Credit Card Fraud Statistics Worldwide
A total of $28.58 billion credit card fraud loss was suffered by credit card issuers, merchants, and consumers in 2020.
Considering that the transaction volume of credit, debit, and prepaid cards in 2020 was $41.962 trillion, 6.81 cents per every $100 of volume were lost to credit card scams. In 2019, the gross loss to credit card fraud was slightly higher, at $28.65 billion, however, due to a higher transaction volume, the loss per $100 was slightly lower at 6.78 cents.
(Nilson Report)
The gross credit card fraud loss in all countries, excluding the USA, in 2020 was $18.34 billion.
Credit card frauds statistics reveal that the scams happening in the USA account for more than a third of the credit card fraud cases happening worldwide. Similarly, in 2019, the combined global credit card loss, without the loss reported in the USA, was $19.03 billion. In terms of credit card frauds outside the USA, the loss suffered per every $100 transaction volume was 5.63 cents in 2020 and 5.79 cents in 2019.
(Nilson Report)
Global general purpose brand cards reported a credit card fraud loss of $25.27 billion in 2020.
The above figure represents an 88.43% credit card fraud percentage of the total loss. In comparison, domestic-market-only general purpose brand cards reported a credit card fraud loss of $1.24 billion, or 4.33% of the global loss. Furthermore, payment cards for specific purposes only reported a loss of $670 million, or 2.34% of global fraud losses in 2020. Finally, global brands that initiate ATM cash advances reported a $1.40 billion loss in credit card fraud, which accounts for 4.90% of the total loss worldwide.
(Nilson Report)
The global loss due to credit card fraud is estimated to reach e $49.32 billion in 2030.
Using the credit card fraud data they already have, experts predict that the amount lost to credit card fraud will increase every year over the next decade. They base their predictions on the fact that the transaction volume of cards is expected to increase over the next years and reach $79.140 trillion in 2030. Moreover, they also predict the fraud loss per $100 to decrease to 6.23 cents in the same year. If their projections come true, the card industry will lose a collective total of $408.50 billion to credit card fraud over the next decade.
(Nilson Report)
Credit Card Fraud Rates by Country
123 people per 1,000 inhabitants in the UK are affected by card fraud.
A recent survey reveals that the United Kingdom is one of the countries in Europe where card fraud is the most prevalent. France also has an undesirable card fraud rate at which 101 people are affected per every 1,000 inhabitants, while the rate in Ireland is 88 per 1,000. Other European countries have notably lower card fraud rates, like Denmark, with 51 per 1,000, Luxembourg, with 40 per 1,000, and Malta, with 34 people affected per 1,000 inhabitants.
(USwitch)
The UK loses €10,414 per 1,000 inhabitants to card fraud.
Credit card fraud statistics for Europe show that besides having the highest rate of card fraud on the continent, the United Kingdom also loses the highest amount of money per 1,000 inhabitants as well. Ireland is in the unwished-for second place with €7,949 per 1,000, while Denmark is in third with €7,274 per 1,000. France and Luxembourg round up this unfortunate top five with €6,176 and €5,919 per 1,000 inhabitants.
(USwitch)
The total amount of money lost due to fraud performed on UK-issued cards in 2020 is £574.2 million.
The UK credit card fraud statistics show that the above figure represents a 7% decrease from 2019 when the total card fraud loss was £620.6 million. Moreover, the data reveals that £414.5 million were lost to fraudulent activities performed in the UK, while £159.7 million were lost to fraud from abroad. The largest amount of the losses, or £452.6 million, were suffered by a remote purchase (CNP) fraud, £376.5 million of which involved e-commerce. Additionally, £8.7 million were lost to counterfeit scams, £78.9 million were lost and stolen, £29.7 million were lost to card ID thefts, and £4.4 million were lost to card non-receipt fraud.
(UK Finance)
US Credit Card Fraud Statistics
Credit card fraud happening in the USA accounted for 35.83% of global fraud in 2020.
Even though the transaction volume in the USA only accounted for 22.40% of the global card volume. American credit card issuers, merchants, and consumers suffered losses of $10.24 billion, which translate to 10.89 cents lost per every $100 transaction. The situation wasn’t much better in 2019 when the credit card losses in the US reached $9.62 billion, or 10.25 cents per $100.
(Nilson Report)
In 2020, 3.5% of American credit card holders reported a credit card loss, theft, or fraud in the past 12 months.
Credit card frauds statistics reveal that the percentage above is the lowest recorded in the last five years. In comparison, it was 5% in 2019, 4.5% in 2018, 5.2% in 2017, 4.2% in 2016, and in 2015, 5.7% of US credit card users who reported such incidents. According to these figures, 4.7% of US credit card holders suffer loss, theft, or fraud annually.
(Atlanta Fed)
The Federal Trade Commission reported receiving 389,845 credit card fraud reports in 2021.
Credit card fraud statistics by the years show that the number of reports dipped slightly in 2021, after reaching 393,404 in 2020. The lowest number of reports, 94,715, were recorded in the first quarter of 2021 before increasing to 96,058 in Q2. The number of reports kept growing throughout the year and reached 97,098 in the third quarter and then 101,974 in Q4. The data also shows that less than 10% (or 32,251) of these incidents were related to existing accounts, while the vast majority, or 363,181, were frauds involving new accounts.
(Public Tableau)
33% of the Americans who reported credit card fraud in 2021 were aged between 30 and 39.
Credit card fraud rates reveal that people in their 30s were the likeliest victim of credit card fraud in the US last year, with 108,610 of those who reported incidents belonging to this age group. Furthermore, 23% (or 76,707) of them were in their 40s, while 20% (or 65,272) were in their 20s. Another 14% (or 45,768) of the victims were aged 50 and 59, 7% (or 22,024) were in their 60s, and 2%, or 7,521, were in their 70s. Finally, credit card fraud statistics and facts show that the youngest and oldest Americans were the least likely to report a credit card fraud incident. Victims from each age group accounted for less than 1% of the total number of incidents, with 1,952 of the reports being filed by people over 80 and 1,706 by Americans under 19.
(Public Tableau)
389,737 of the 1,434,676 identity theft reports in 2021 were related to credit card fraud.
The only type of identity theft with more cases reported than credit card fraud in 2021 is fraud related to government documents or benefits with 395,948. US bank fraud statistics, on the other hand, show that there were significantly fewer bank fraud incidents reported, or 124,388. In addition, there were 197,914 cases of loan or lease fraud, 111,723 incidents related to employment or tax-related fraud, and 88,813 cases of phone or utility fraud reported. The remaining 377,102 cases were related to other types of identity theft.
(FTC)
There have been 230,937 credit card fraud reports filed in the first two quarters of 2022.
According to the statistics concerning the latest credit card frauds in 2022, the majority of cases were reported at the beginning of the year. The FTC recorded 118,238 reports in Q1 and another 112,699 reports in the second quarter of 2022. Moreover, 19,760 of these cases were related to existing accounts, while the remaining 214,947 were frauds involving new credit card accounts. The data further reveals that credit card fraud incidents account for more than a third of the total 603,591 cases of identity theft reported in 2022. In comparison, bank fraud statistics show a significantly lower number of bank fraud cases reported, or 80,439.
(Public Tableau)
88,354 of the frauds that resulted in money loss in 2021 involved credit cards.
There were 2,789,161 cases of fraud reported in 2021, 692,376 of which resulted in money loss. Moreover, 440,058 of these cases involved some sort of payment method, and credit cards are at the top of the list. Payment apps and services are number two with 69,753 cases, while debit cards are in third place with 68,937 cases reported. Bank fraud loss statistics show that $756 million were lost to bank transfer or payment frauds, even though significantly fewer, or 38,711, of the reported cases resulted in money loss.
(FTC)
Texas, with 146,09 cases, is the state with the largest number of identity theft incidents reported in 2021.
California is in second place with 133,119, while Illinois is in third with 117,056. Furthermore, there were 110,675 cases reported in Florida, and to round up the top five, there were 109,466 cases of credit card identity theft or other types of stolen information reported in New York. However, when it comes to cases per capita, Rhode Island has the largest number of 2,857 reports per 100,000 of its population, followed by Kansas with 1,355 per 100,000. There are 924 reports per 100,000 in Illinois, 732 per 100,000 in Louisiana, and 618 per 100,000 in Georgia.
(FTC)
FAQs on Credit Card Fraud Statistics
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The Summary
Looking at such devastating data will likely act as a wake-up call to many, but one question remains. Why is credit card fraud so common? The answer is that it is quite easy for immoral people to exploit credit cards. In addition to phishing emails and hacking databases, fraudsters can use scammy phone calls, skimming devices, steal your mail, or even simply look over your shoulder while you are at the ATM. This is why you need to keep your credit card information for yourself and only share it with trustworthy websites.
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