Card Fraud Losses on the Rise: What Businesses Need to Know
Fraud in card payments is on the rise, with global losses projected to reach $404 billion over the next decade, according to the Nilson Report. The U.S. is expected to be disproportionately affected, particularly in e-commerce and other card-not-present transactions.
Despite advancements in fraud prevention, the U.S. remains a major target. In 2023 alone, the U.S. accounted for just 25% of global card spending but bore 42% of worldwide fraud losses. Fraud-related losses in the U.S. topped $10 billion for the first time last year, reflecting a 14% increase over 2022.
While the rate of fraud per $100 in transactions has declined slightly (from 6.81¢ in 2022 to 6.58¢ in 2023), the overall growth in card usage continues to push total losses higher.
Businesses and consumers must remain vigilant as fraud evolves alongside the expanding digital economy. Strengthening fraud prevention measures is more critical than ever in protecting against these rising losses.
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