The US Sees More Money Lost To Card Fraud Than The Rest Of The World Combined

Payment card fraud in the U.S. is rampant, and it’s adding up to big losses.

The U.S. accounted for 51% of global payment card fraud costs in 2013, according to BI Intelligence estimates.

Here are the key points for 2013:

The BI Intelligence chart at the bottom of this post is based on data from the Nilson Report, which looks at fraud losses affecting issuers, merchants, and acquirers. Nilson covers fraud for all categories of payment cards: credit, debit, prepaid general purpose, and retailer-specific cards.

BI Intelligence used Nilson’s numbers for 2009 through 2012, and arrived at our own numbers for 2013, after looking at card market data as a whole and factoring in the latest information available on global fraud.

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There are three reasons why payment card fraud is so enormous in the United States:

The data shows why Visa and MasterCard are going to push U.S. retailers and acquiring banks to upgrade to the “chip” standard in the next year and a half. BI Intelligence expects the U.S. share of global card fraud to decline in coming years, as the country moves to the EMV standard.

For full access to all BI Intelligence’s charts and data, sign up for a free trial subscription here.

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