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01/07/2025
Payment Card Fraud Losses Approach $34 Billion
Morning Star
SANTA BARBARA, Calif., Jan. 06, 2025 (GLOBE NEWSWIRE) -- Payment card fraud losses worldwide reached $33.83 billion in 2023, according to the Nilson Report, the leading trade publication covering the global payment card industry. This marks a small increase in fraud losses worldwide from $33.45 billion worldwide in 2022.
"Worldwide losses to fraud grew by only 1.1% in 2023 compared to the 4.7% growth in spending at merchants and cash obtained from ATMs and other means,” said David Robertson, Publisher of the Nilson Report. “Card industry fraud fighters had a very good year."
Although fraud fighting will continue to improve, The Nilson Report projects that over the next 10 years, card fraud will cumulatively amount to $403.88 billion worldwide. A disproportionate amount will occur in the United States.
The US accounted for 25.29% of card spending and cash volume worldwide in 2023, but totaled 42.32% of losses to fraud globally.
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