Card theft is very rampant
all over the world.
The rise of fraud at alarming rates in both ATM and Credit Cards
has been increasing worldwide during the past 5 years.
Identity theft now accounts for nearly half (46%) of all fraud attempts in 2013 – compared
with just 27% last year – highlighting the critical impact of ID theft. (Source: Experian)
The BSP said that about 1,272 incidents of
ATM fraud took place in 2013 involving about
P220 million, which was well above the
recorded P175 million lost to scams in 2012.
In 2012, US accounted for 47.3%
of the worldwide payment
fraud losses BUT generated only
23.5% of total volume.
67% more Americans were
impacted by financial data
breaches in 2012 than in 2010.
Online fraud costs global economy 'many times
than $100Bn a year’. Internet security
specialist tells Dublin web conference the amount
online is at least double previous estimates.
(Source: The Guardian, Oct 2013)
Top Cardholders affected
by fraud in 2012
- United States42%
- United Arab Emirates36%
- United Kingdom34%
(Source: ACI Payment Systems, 2012)
Card issuer losses occur mainly at the point of sale from
counterfeit cards while merchant losses occur mainly on card-not-present
transactions on the Web, at a call center or through mail order.
(Source: The Nilson Report)