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Nilson Report: Half of Global Card Fraud Occurs in U.S.
Monday, August 10, 2015 6:40 AM

Card Fraud Worldwide

More than $5 of every $100 spent worldwide last year was spent fraudulently, according to a recent report from Nilson. Roughly $16.31 billion worth of fraud losses were incurred by financial institutions and merchants on all types of payment cards across the globe in 2014, a number equal to 5.65 percent of the $28.844 trillion in global card volume seen during the year.

Further, fraud growth accelerated faster than purchase volume last year, with fraud rising by 19 percent compared with volume growth of 15 percent.

The report also found that nearly half of all gross card fraud losses occurred in the U.S. in 2014, despite the country only producing 21.4 percent, or $6.187 trillion, of the total volume. This equates to $12.75 out of every $100 spent being fraudulent.

David Robertson, who published the report, said multiple factors contributed to the disparity between the U.S. and the rest of the world, though, EMV adoption played a large role.

CUNA maintains that a layered approach to payments security is the best approach, and that includes EMV-chip, encryption, and tokenization technology.

CUNA also states that until merchants are held to the same strict data security standards that financial institutions must uphold, the payments network will never be entirely protected.