Global card fraud losses exceed $33 billion per year, with card-not-present (CNP) fraud accounting for the majority. Authorized push payment (APP) scams are the fastest-growing category as instant rails expand.
EMV chip cards crushed counterfeit fraud at point of sale, but fraud migrated online and into authorized scams. The pattern is consistent across markets: as one channel hardens, criminals move to the weakest remaining link - typically social engineering.
Key statistics
- $33+ billion2024Global card fraud losses, annual
On total card volume of roughly $45 trillion - a loss rate near 7 basis points.
- ~75%2024Share of US card fraud that is card-not-present
EMV chip adoption pushed fraud from in-store to online.
- 2.6+ million2024US consumers reporting fraud to the FTC, annual
Imposter scams and online shopping fraud are the top categories.
- $12.5+ billion2024Total reported US consumer fraud losses
Up 25% year-over-year, with investment and imposter scams leading.
- ~60%Share of merchants that fail an initial PCI DSS assessment
Most are remediated; full continuous compliance remains rare.
Frequently asked
What is the single biggest category of payment fraud today?+
Authorized push payment (APP) scams - where a victim is socially engineered into sending money themselves - now rival or exceed card fraud in losses in markets with mature instant rails like the UK and Brazil.
Who bears the cost of card fraud?+
Liability shifts by transaction type and verification method. Generally: chip-and-PIN in-store → issuer; magstripe in-store → merchant; 3-D Secure online → issuer; non-3DS online → merchant.
Sources & References
- The Nilson Report - Card Fraud Losses
- U.S. Federal Trade Commission - Consumer Sentinel Data Book
- Verizon / PCI SSC - Verizon Payment Security Report
External references are cited for context and discovery. CashlessTechnology.com is not affiliated with the listed organizations unless explicitly stated.