As countries around the world move towards digital currency and cashless societies, it is important to be aware of the risks technology can pose to your finances. With the proliferation of e-commerce and online payments, anyone can become a target of fraud and identity theft. Familiarize yourself with these 25 credit card fraud statistics and steps to report fraud so you can actively protect your money and information online.
Use this information to help protect your credit card accounts, and then skip to the cybersecurity tips infographic to help you prevent fraud online.
What is credit card fraud?
Credit card fraud is a type of identity theft that occurs when someone other than you uses your credit card or account information to make an unauthorized charge. Fraud can occur through a stolen, misplaced, or counterfeit credit card. Additionally, the rise in online retailing has made fraud involving non-existent cards or the use of your credit card number in e-commerce transactions increasingly common.
In the United States, credit card fraud has been the most common form of identity theft for four out of the last five years. The US is the most fraudulent country, accounting for more than a third of the world's card fraud losses. It is important to arm yourself with knowledge of credit card fraud and identity theft so that you can practice good money habits and awareness in your everyday life.
Key takeaways about credit card theft
We've compiled key takeaways from the 2020 Federal Trade Commission (FTC) Annual Data Book to educate you on the frequency and severity of credit card fraud, as well as identified statistics on the populations most vulnerable to fraud.
The most common payment method Credit cards were identified from all fraud reports.
Credit card fraud made total 459,297 reported cases of fraud and identity theft combined in 2020.
66,090 cases of reported fraud
393,207 cases of reported identity theft
In identity theft cases 30-39 years old Most cases of credit card fraud are reported during this 80 years and older least reported.
Cases of identity theft through credit card fraud increased by 44.6% from 271,927 in 2019 to 393,207 in 2020.
Identity theft from new credit card accounts increased by 48% in 2020.
Identity theft statistics
When someone steals your identity and personal information and uses them for fraud, it is considered identity theft. Various types of information can be stolen in identity theft, with social security numbers, credit card information, and bank account numbers being common targets. Delve into these identity theft insights and see how credit card fraud makes up the bulk of these cases.
1. From 2019 to 2020, the number of reports of identity theft increased 113% and credit card identity theft reports increased 44.6%.
2. Credit card fraud explained 393.207 of the nearly 1.4 million identity theft reports in 2020.
3. This is what makes credit card fraud the second most common type of identity theft reported, behind only government documents and performance fraud for this year.
4. New Credit Card Account Fraud increased to 365.597 Cases in 2020.
5. The number of new credit card account frauds has increased 48% increase from 2019.
6. In 2020, 33,852 reports stated that existing credit card accounts were the target of identity theft.
7. Identity theft reports only from existing credit card accounts increased by 9% in 2020 compared to 2019.
8. Credit card fraud was the leading type of identity theft in 4 of the last 5 years.
9. People 30-39 years old most cases of identity theft reported by credit card in 2020 (110,952 reports).
10. In contrast 80 and older the fewest cases reported credit card identity theft (2,056 reports), closely followed by the 19 and younger (2,186 reports).
11. Card fraud is increasing and is tied to 65% of all fraud losses. (Nilson report)
Debit card vs. credit card fraud
When it comes to protecting your wallet, knowing which payment methods scammers are targeting is important. While many credit cards offer consumers fraud protection or no liability, they are also the most commonly targeted payment method. Debit cards come second, so it is best to carefully protect your card information.
12. Of nearly 2.2 million fraud reports in 2020, only 373,423 identified a payment method.
13. Of which 91,515 reports identified credit cards as a payment method.
14. Almost reconcile 25% of the identified payment frauds that were credit cards most common payment stolen.
15. In contrast, debit cards were identified as a means of payment in 63,352 reports of fraud.
16. Debit cards made 17% of fraud cases where a payment method was mentioned and they are the second most common payment method.
17. Credit card fraud resulted in more dollars being lost than debit cards in 2020 $ 149 million total damage.
18. Debit cards totaled Lost $ 117 million in 2020.
The Most Dangerous States for Fraud and Identity Theft, and Future Predictions
Knowing which states are most dangerous for credit card fraud and identity theft is helpful so that you can be careful wherever you go. Knowing this can help you make arrangements depending on where you live or if you are considering moving or visiting another state.
Swell: Consumer Protection Office | Federal Trade Commission 1 2 3 4 5 | Cancer on safety | Monetary Policy and Mental Health Institute | PC-Mag 1 2 | Psychology Today | The Washington Post |
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