Credit Card Fraud 2021 Annual Report: Prevalence, Awareness, and Prevention - Security.org - 0 views
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Nearly half of all American adults have had a fraudulent charge on their credit or debit cards, amounting to around 127 million people. More than one in three credit or debit card holders has experienced card fraud more than once. The median charge was $62, equating to approximately $8 billion in attempted fraudulent charges on Americans’ credit and debit cards. Almost 40 percent of card holders do not have email or text alerts from their credit card company or bank enabled. Around 81 percent of victims without these notifications had to take additional action to reverse fraudulent charges, compared to just 19 percent of those with alerts enabled.
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Unfortunately, credit card fraud has also become even more common since the start of the pandemic. Reports of credit card fraud increased by 44 percent between 2019 and 2020 according to the Federal Trade Commission (FTC).3 The FTC also estimated that there has been $38 million dollars in reported credit card fraud tied directly to COVID-19.4
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Nearly 60 percent of credit card holders reported they’d had an unauthorized transaction appear on a credit or debit account at some point in their lives.
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According to our research, almost 70 percent of fraud victims noted their most recent fraudulent charge within hours of its occurrence. Today, most banks and credit card companies have systems that can detect suspicious charges and alert account holders of potential fraud before transactions are processed. Around 61 percent of credit and debit card holders in our study had enabled email or text alerts from their card servicers that would help them act quickly on fraud attempts. These individuals were more likely to block transactions before money was taken from their accounts.