USD 27.85 bln losses reached in payment card fraud

Friday 22 November 2019 08:06 CET | News

A Nilson Report has found that fraud losses worldwide reached USD 27.85 billion in 2018, and are projected to rise to USD 35.67 billion in five years.

The global card and mobile payments trade publication also suggested in its report that fraud losses will potentially rise to USD 40.63 billion in 10 years. As such, although gross fraud losses reached USD 27.85 billion in 2018 – up 16.2% from USD 23.97 billion in 2017 –, fraud losses per USD 100 of total sales declined to 6.86 cents from 6.95 cents the prior year.

The US accounted for USD 9.47 billion in fraud losses in 2018, but although cardholders in the US generated only 21.54% of USD 40.582 trillion in global card volume in 2018, US companies incurred 33.99% of total card fraud losses worldwide. Moreover, losses to fraud incurred by payment card issuers worldwide reached USD 19.21 billion, while issuers accounted for 68.97% of gross fraud losses worldwide. Merchants, merchant acquirers, and ATM acquirers accounted for the other USD 8.64 billion or 31.03% of the total.

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Keywords: payments , card fraud, fraud losses, fraudulent activities, cardholders, merchants, acquirers, ATM, card payments
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime