Almost half the world’s credit card frauds happen in the U.S.
In 2021, credit card fraud ranked as the second most common type of identity theft in the U.S., behind fraud involving government benefits or documents, according to the FTC.
Neither consumers nor businesses seem to be able to escape credit card fraud, as fraud-fighting measures have been challenged by “ever more sophisticated” ways that crooks commit fraud, according to the Nilson Report. In December 2022, the Nilson Report said it expects global losses from card fraud to total $397.4 billion over the next 10 years, with $165.1 billion of those losses happening in the U.S.