Credit Card Fraud Statistics For 2022
Recent research has revealed a significant increase in credit card fraud. According to Ascent, more than a third of Americans have had their identities stolen. Those who are most susceptible to fraud are millennials, baby boomers, and generation X. In addition, many fraudsters prefer to use wire transfers, which are difficult to trace. The numbers are alarming, but there are ways to protect yourself and your finances. Here are the latest credit card fraud statistics.
The number of credit card fraud statistics shows that the number is increasing while the types of crime are changing. When EMV chip technology was implemented, the liability for in-store fraud fell to the party that had not opted for the technology. This party would be a merchant or a bank without a chip reader. However, the number of card-present fraud cases grew more than two-fold. Fraudsters are also more sophisticated, which makes preventing fraud a top priority for all businesses.
In 2020, over nine hundred fraudulent payments were made using credit cards. These transactions totaled $149 million. Since credit card payments can be traced back to scammers, they don’t even mind sending money to accounts they control. But the statistics don’t stop there. The banking industry is also making progress in improving security. While a recent pandemic has heightened fraud levels, EMV rollouts will help prevent this from happening.
While credit card fraud is an international problem, it varies by state. California saw the highest number of fraud reports in the first quarter of 2019, followed by Florida and Texas. Wyoming and South Dakota had the lowest number of fraud reports in 2019 while Connecticut and Florida experienced a slight decrease in reported cases. Credit card fraud statistics are alarming. In addition to a criminal’s ability to steal your identity, they can use your card to buy items on your behalf.
As credit card usage continues to increase, so do the opportunities for fraudsters to steal your personal information. According to CreditDonkey, 47% of Americans have been a victim of credit card fraud in the past five years. This figure is increasing as identity thieves become more inventive. Nevertheless, the losses are still high. As a result, fraudsters are focusing on new accounts to steal personal information. Moreover, older Americans are at the highest risk of getting their identities stolen. In 2016, nearly seventeen percent of Americans in their sixties and seventies were victims of credit card fraud.
Fortunately, some credit card fraud statistics show that younger people are also at increased risk. According to the Consumer Sentinel Network Data Book, persons between the ages of 20 to 29 reported fewer instances of credit card fraud than those between 70 and 79. In general, the younger group did not report the most fraud, but they did lose the most money. However, it’s important to remember that the average fraud loss among older people is substantially higher.