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20+ Credit Card Fraud Statistics & Trends

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Credit fraud affects millions of people yearly, and it has worsened recently with increased credit card data on the dark web in the last year.

We delve into the most recent credit fraud statistics and trends in 2023, global statistics, the most affected demographics, and the societal impact.

Top 6 Credit Card Fraud Statistics

  • Card-not-received fraud cases in the UK increased by 23% in the first six months of 2022.
  • £480 million of unauthorized payment card fraud was prevented by UK banks and card companies in H1 2022.
  • Wyoming experienced only 37 credit card fraud reports in Q4 2022.
  • 19% of US respondents spent 1 to 10 hours checking their accounts for fraudulent activities in 2021-2022.
  • Retailers are forecasted to lose $130 billion to credit fraud in 2023.
  • Credit card fraud was the most common type of fraud globally in 2022.

Infographic

top 6 credit card fraud statistics
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Key Credit Fraud Statistics

1. Credit card fraud was the most common type of fraud globally in 2022.

In Brazil, up to 31% (a third of the population) had experienced credit card fraud.

2. 65% of credit and credit card holders in America experienced credit fraud in 2022.

Only 58% of credit card holders were victims in 2021.

3. 44% of Americans experienced credit fraud multiple times in 2022.

This is a jump from the 35% of Americans who reported the same in 2021.

4. The median fraudulent credit charge has increased by 27% since 2021.

The median credit fraud charge was $62 in 2021 but increased to $79 in 2022.

5. In the UK, £272.3 million was lost to card fraud in the first half of 2022.

This included fraudulent charges associated with credit, debit, charge, and ATM-only cards. It was also a 4% increase compared to the first half of 2021.

6. £480 million of unauthorized payment card fraud was prevented by UK banks and card companies in H1 2022.

In the grand scheme, £6.39 was saved for every attack targeting £10.

7. 26% of surveyed global companies experienced corporate or commercial credit card fraud attacks in 2021.

The number of organizations victimized by commercial/corporate credit fraud increased by 2% between 2020 and 2021.

Global Credit Fraud Statistics

8. 59% of US adults were concerned about credit card fraud in 2022.

Brazil had the highest proportion of concerned adults (85%), followed by Singapore (79%) and Japan (72%).

adults concerned with credit card fraud by country
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9. In 2022, US residents were the likeliest to experience disputed fraudulent charges globally.

As of February 2022, 20% of US respondents had had to cancel their credit/debit/bank cards due to fraudulent charges. Whereas only 18% of Brazilians, 13% of Singaporeans, and 6% of Chinese were in the same shoes.

Credit Fraud Statistics by Type

10. The FTC got about 1.4 million identity theft reports in 2021.

This was from the 2.8 million fraud reports in the same year.

11. Online shopping was the second most reported fraud in 2021.

It accounted for up to $392 million in consumer losses.

12. Card-not-present fraud in the UK decreased by 11% in H1 2022, with 1,131,704 cases.

Still, it facilitated a loss of £199.4 million, a 5% decrease from H1 2021.

13. Financial losses from lost and stolen card fraud in the UK increased by 35% in the first half of 2022.

There was a gross loss of £47.2 million from 185,039 cases, a 28% increase.

14. Card-not-received fraud cases in the UK increased by 23% in the first six months of 2022.

This fraud cost an estimated £2.0 million, the same as in the second half of 2021.

Credit Fraud Statistics by Demographics

15. Millennials and Gen Xers were the most concerned about credit card fraud.

In 2022, 69% of Millennials and 69% of Gen Xers were concerned about credit fraud, compared to 65% of Baby Boomers and 61% of Gen Zers.

age groups concerned with credit card fraud
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16. In 2022, people aged 30-39 experienced the highest credit fraud.

Credit cards accounted for 20% of fraud losses among this age bracket, with respondents losing an average of $600 per attack.

17. People aged 80 and above lost an average of $1,800 to credit fraud (and other frauds) in 2022.

However, credit cards were the second-most common payment method for fraud affecting this demographic in 2022, accounting for only 25% of all cases.

18. Georgia experienced 5,654 credit card frauds in Q4 2022.

This made it the region with the highest credit fraud events in Q4 2022.

Credit card fraud was also the leading fraud type in Georgia in that period.

19. Wyoming experienced only 37 credit card fraud reports in Q4 2022.

In comparison, there were 39 reported cases in Q3 2022, making Wyoming the US region with the least reported cases.

Credit Fraud Statistics by Impact

20. 19% of US respondents spent 1 to 10 hours checking their accounts for fraudulent activities in 2021-2022.

This was followed by 25% who spent less than an hour and 5% who spent 11 to 20 hours on this task.

21. Globally, adults were likelier to patronize a business with a fraud prevention policy in 2022.

Brazil had the highest proportion of such adults (63%), followed by the United States (45%) and China (41%).

22. Most surveyed respondents believed banks and payment networks were responsible for preventing credit fraud in 2022.

89% of Brazilians believed this, then Singaporeans and Germans rounded up the top three at 87% and 84%, respectively.

23. Retailers are forecasted to lose $130 billion to credit fraud in 2023.

These figures have been predicted since 2018 and will be measured till the end of 2023.

24. In 2021, e-commerce merchants reported using an average of four card fraud-related detection tools and services.

The most commonly used tools were payment card services, identity verification services, 3-D secure authentication, and two-factor phone authentication.

Keep Your Cards Safe

Credit fraud is a significant concern among Americans, but you can take steps to avoid falling victim. Start by patronizing businesses with fraud prevention policies and services, refrain from using public Wi-Fi to enter sensitive payment information online, and closely monitor your credit reports.

You can also read our phishing statistics roundup to learn about hackers’ tactics to obtain credit information.

References:
  1. https://filecache.mediaroom.com/mr5mr_ibmnewsroom/193031/MC%20%2B%20IBM%20Financial%20Fraud%20Study%20-%20Global%20Report%20Updated%203.8.22.pdf
  2. https://www.cybersource.com/content/dam/documents/campaign/fraud-report/global-fraud-report-2022.pdf
  3. https://www.ftc.gov/news-events/news/press-releases/2022/02/new-data-shows-ftc-received-28-million-fraud-reports-consumers-2021-0
  4. https://mint.intuit.com/blog/planning/credit-card-fraud-statistics/
  5. https://www.security.org/digital-safety/credit-card-fraud-report/
  6. https://www.bankrate.com/finance/credit-cards/credit-card-fraud-statistics/
  7. https://identitytheft.org/credit-cards/
  8. https://www.fool.com/the-ascent/research/identity-theft-credit-card-fraud-statistics/
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