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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
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.
