Credit Card Fraud Statistics for 2024 (2024)

FAQs

Credit Card Fraud Statistics for 2024? ›

Overall, the rate of false purchases on credit cards is actually decreasing, according to Experian. There have been 416,582 cases of credit card fraud that have been perpetrated in 2024. It's down 5.4% versus 2023. AI's ability to detect patterns based on previous behavior has helped.

The current state of banking fraud

In 2024, Deloitte predicts that the impact of generative AI, industry convergence, embedded finance, open data, money digitization, decarbonization, digital identity, and fraud will grow.

Annual Global Fraud Losses (Credit & Debit Cards)

Credit and debit card fraud losses reached a record $34.36 billion in 2022 after increasing roughly 5% from the previous year.

Credit card fraud and identity theft in general are more common in Miami, Florida, than any other city in the country, with the Florida city seeing 372.7 complaints per 100,000 residents between January and September 2023.

Seven out of ten businesses anticipate their fraud management budgets will grow in 2024 as they fight the rise in fraud losses over recent years. This rise in budgets is, in part, due to the continuing pressure from consumers to ensure companies protect them online and provide a secure digital journey.

Over two-thirds of respondents reported an increase in the number of fraud attempts in consumer accounts over the past 12 months.

1. New Jersey. New Jersey shines bright as America's safest state in 2024, with unparalleled low crime rates in various categories, leading with the nation's lowest assault offense rate at 430, closely followed by an impressively low homicide rate of 3.6 per 100,000.

What is the biggest credit card fraud? ›

In August 2009 Gonzalez was also indicted for the biggest known credit card theft to date – information from more than 130 million credit and debit cards was stolen at Heartland Payment Systems, retailers 7-Eleven and Hannaford Brothers, and two unidentified companies.

The bank that issues the credit card will cover most credit card fraud issues, but sometimes the bank rules that it is merchant credit card fraud, making the merchant responsible. Small business owners using outdated swipe payment terminals may have to make up for the difference.

Credit card fraud is one of the most common types of fraud according to the Federal Trade Commission (FTC). In the first half of 2024 alone, there were over 214,000 reports of credit card fraud. Many credit cards offer zero liability protection, meaning you aren't responsible for unauthorized transactions.

Synthetic identity fraud remains the most common form of identity theft. In 2024, criminals are expected to continue exploiting weak IT protocols, setting up fake investment websites, targeting e-commerce businesses, and carrying out social engineering scams like phishing, smishing, and vishing.

Some estimates say less than 1% of credit card fraud is actually caught, while others say it could be higher but is impossible to know.

According to the McKinsey Institute, synthetic identity fraud is the fastest-growing type of financial crime in the United States and is also on the rise around the globe. Indeed, synthetic identity fraud comprises 85% of all fraud right now.

Banks are at high risk for account takeover (ATO) fraud. This is when an unauthorized user gains access to a customer's account using their login credentials. Account takeover can be accomplished using a number of different strategies.

AI and machine learning play a pivotal role in shaping digital banking trends. They enable personalized customer experiences, fraud detection, credit scoring, and process automation.

As per The Thomson Reuters Institute's 2023 Suspicious Activity Report, there were 285,000 check fraud-related SARs filed in 2020. 5. CNN reported that check fraud increased nationwide by 385% since the pandemic, according to the U.S. Treasury Department.