As countries around the world move towards digital currency and cashless societiesIt is important to be aware of the risks technology can pose to your money. With the spread of e-commerce and online payments, anyone can be a target Forgery and identity theft. Learn about 25 of these credit card fraud statistics and steps to report fraud so you can effectively protect your money and information online.
What is credit card fraud?
Credit card fraud is a type of identity theft that occurs when someone else uses your account or credit card information for an unauthorized fee. Fraud can occur as a result of a stolen, misplaced, or counterfeit credit card. Additionally, the rise of online retail has increased the prevalence of card-less fraud, or the use of your credit card number in e-commerce transactions.
In the United States, credit card fraud has been The most common shape Identity theft in four of the past five years. The United States is the country with the highest number of scams and scams more than a third of global card fraud losses. It is important to arm yourself with knowledge about credit card fraud and identity theft so that you can practice good financial habits and awareness in your daily life.
The main consequences of credit card theft
We’ve compiled key findings from the 2020 Federal Trade Commission (FTC) Yearbook of Data to show you the frequency and severity of credit card fraud, as well as specific statistics about the population most vulnerable to fraud.
- The Most popular payment method Credit cards were identified among all the fraud reports.
- Credit card fraud constitutes a total of 459,297 cases have been reported of fraud and identity theft combined in 2020.
- 66,090 cases of reported fraud
- 393,207 cases of reported identity theft
- In identity theft cases, people They are between 30 and 39 years old Most reported cases of credit card fraud while these في Age 80 and over I mentioned less.
- Cases of identity theft by credit card fraud by 44.6% From 271,927 in 2019 to 393,207 in 2020.
- Identity theft with new credit card accounts by 48% in the year 2020.
Identity Theft Statistics
When someone steals your identity and personal information and uses it to commit fraud, this is taken into account identity theft. Various types of information may be stolen during identity theft, with Social Security numbers, credit card information, and bank account numbers being common targets. Dive into these identity theft discoveries and discover how credit card fraud makes up the bulk of these cases.
1. From 2019 to 2020, the number of identity theft reports increased ارتفع 113% The number of identity theft reports using credit cards increased by 44.6%.
2. Calculating Credit Card Fraud 393207 Among the nearly 1.4 million reports of identity theft in 2020.
3. This makes credit card fraud The second most common type of identity theft has been reported, Behind only government documents and fraud benefits for that year.
4. Fraud committed with new credit card accounts increased to . 365,597 cases in 2020.
5. The amount of fraud witnessed through new credit card accounts a 48% increase from 2019.
6. In 2020, 33,852 reports It determined that existing credit card accounts were the target of identity theft.
7. Reports of identity theft through existing credit card accounts only by 9% in 2020 compared to 2019.
8. Credit card fraud was the main type of identity theft in 4 out of the last 5 years.
9. People They are between 30 and 39 years old Most cases of identity theft have been reported By credit card in 2020 (110,952 reports).
10. In contrast, these 80 and above I mentioned the least cases Credit card identity theft (2,056 reports), closely followed by 19 and younger (2,186 reports).
11. Fraud increases in the absence of a card and is related to this 65% From all losses caused by fraud. (Nelson Report)
Debit Card vs Credit Card Fraud
When it comes to protecting your wallet, it is important to know which payment methods fraudsters target. Although many credit cards offer protection or no liability against fraud for consumers, they are also the most targeted payment methods. Debit cards are a close second, so it’s best to protect your card information closely.
12- Out of nearly 2.2 million fraud reports in 2020, Only 373,423 select a payment method.
13. Among these, Reports identified 91,515 credit cards as the payment method.
14. Make up almost 25% From fraud reports with payment identification, credit cards were the Most common reimbursement stolen.
15. In contrast, debit cards have been identified as the payment method in 63,352 fraud report.
16. Discount cards are made up 17% Of the fraud cases that mentioned the payment method, and they are The second most popular payment method used.
17. Credit Card Fraud Lost More Dollars Than Debit Cards in 2020, With $149 million in total losses.
18. The discount cards resulted in a total of 117 million dollars lost in the year 2020.
Most Dangerous Countries for Fraud and Identity Theft, Plus Future Prospects
It pays to be aware of which countries are the most risky for credit card fraud and identity theft, so that you can exercise caution wherever you are. This knowledge can help you take precautions depending on where you live or if you’re considering a move or out-of-state visit.
19. I Top Five States with Highest Credit Card Fraud Rates They are California (45%), Florida (44%), Georgia (42%), Alabama (42%) and Maryland (40%).
20. Not only did California have the highest rate of credit card theft, it had Most Reports Of them (more than 66,300 reports).
21. Florida lags closely behind with about 44,600 cases have been reported Identity theft by credit card.
22. Credit card fraud was the main type of identity theft in 17 states and territories: AL, AK, CA, CT, DE, DC, FL, GA, ID, IA, MD, NJ, NY, OR, PA, SD, VA.
23. in 33 additional states and territoriesCredit card fraud has been identified as one of the three main types of identity theft: AZ, AR, CO, HI, IL, IN, KS, KY, LA, MA, MI, MN, MS, MO, MT, NE, NV and NH, NM, NC, ND, OH, PR, RI, SC, TN, TX, UT, VT, WA, WV, WI, WY.
24. I Top 5 states with the lowest rate of credit card fraud They are Kansas (3%), Maine (5%), Massachusetts (10%), Illinois (11%), and Oklahoma (12%).
25. By 2025, the United States Expected to reach $12.5 billion in card fraud losses. (Nelson Report)
How to report credit card fraud
If you ever suspect credit card fraud, it is important to take all necessary steps to protect yourself. For details on how to stop fraud and recover your accounts and identity, follow these recommended steps.
Step 1: Alert companies about fraud
Alert your credit card company and any other companies where fraud has occurred. You can do this by contacting the company’s fraud department and explaining your situation. You will choose to either close or freeze your accounts so that no one can charge new fees. It’s also wise to update your login information and any PINs associated with your account.
Step 2: Put a scam alert on your accounts
A fraud alert lets potential creditors know that precautions should be taken to verify your identity when granting any credit. You can add for free through one of the files major credit bureaus For a year it will protect you and your identity from fraudsters.
Step 3: Retrieve a credit report
Next, it is important to request a credit report from a major credit bureau. The FTC recommends the use of Annualcreditreport.com To retrieve a credit report for free. Once you have your credit report, you should review it carefully to catch any suspicious accounts or purchases you didn’t make so you can report them.
Step 4: Report fraud and identity theft to the FTC
To report identity theft, simply submit a report Online with the FTC. After filling out the online form, an identity theft report and recovery plan will be prepared for you. This report is based on the information you provided in the online form, so try to be as detailed as possible. With the report, you have proof that your identity has been stolen and you will be granted certain rights.
Remember to print your report if you choose not to create an account on IdentityTheft.gov because you will not be able to access or update it later. You can also choose to create an account to track your redemption plan and online forms.
Now you can too Report fraud online to the FTC by filling out a quick report, but it is not necessary to file an identity theft and fraud report.
Step 5: Notify the police of identity theft
After you file a report with the FTC, you may also want to report fraud and identity theft to the police. This is completely optional, and you will need to take the following materials with you:
- A government-issued photo ID (for example, a driver’s license or passport)
- Proof of address (for example, a utility bill or bank statement)
- A copy of your identity theft report from the FTC
- Any evidence of theft (for example, a notice from the IRS)
- FTC Law Enforcement Note
The impact of fraud and identity theft on people’s lives and money is increasing every year. Educate yourself about credit card fraud statistics so you can take precautions when it comes to your money. To help stay alert about fraud, link your credit card account to mint application, so you can track down any suspicious transactions.
Resources: Consumer Financial Protection Bureau | Federal Trade Commission 1 2 3 4 5 | Crepes on security | Institute for Money Policy and Mental Health | computer mag 1 2 | Psychology Today | Washington Post |