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Growth in card fraud outstrips sales growth

Growth in card fraud outstrips sales growth

Fraud losses are at record levels worldwide. Card fraud worldwide grew 19 percent last year compared to card sales which grew only 15%, according to figures released by the Nilson Report.

Global card fraud losses topped $16.3 billion in 2014 against global sales of $28.8 trillion. Fraudulent

Growth in card fraud outstrips sales growth

Growth in card fraud outstrips sales growth

sales accounted for 5.65 cents in every $100 spent last year.

When measuring only the global card brands (American Express, Discover/Diners, JCB, MasterCard, UnionPay and Visa cards), fraudulent sales accounted for around 6.50 cents in every $100 spent in 2014.

The US accounted for 48 percent of gross card fraud losses worldwide ($7.8 billion), whilst generating only 21% of sales ($6.1 trillion).

Hit hard by counterfeit card losses fuelled by data security breaches in 2014, US fraud-to-sales losses were 12.75 cents in every $100 spent last year, compared to 3.73 cents in every $100 for all other regions combined.

Card fraud is projected to increase to $18.3 billion in the next 5 years to 2020. Fraud-to-sales losses are projected to rise to 5.74 cents in every $100 in 2015, before falling back to 5.26 cents in every $100 in 2020.

The post Growth in card fraud outstrips sales growth appeared first on Payments Cards & Mobile.

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