Online credit card fraud statistics 2019

By | Thursday, May 13, 2021

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  • 2019 Internet Fraud, Scam and Crime Statistics
  • Identity Theft and Credit Card Fraud Statistics for 2020
  • Key findings
  • Types of Credit Card Fraud
  • 2019 Internet Fraud, Scam and Crime Statistics

    Credit and debit card fraud is a type of identity theft. Credit card fraud is the most common and popular kind of identity theft and makes up This study was performed by Identity Theft Resource Center.

    The published survey results show that over 80 percent of victims affected by identity theft experience sleeping problems as a consequence. The criminal can then use your personal information Birthday, pin number, address to take over your existing banking accounts or open new accounts and charge it to you and your credit.

    Yahoo's data breach in exposed 3 billion consumers in total and is still the biggest single data breach. The biggest breach in was by Marriott International which exposed as much as Million records.

    Scams come from a variety of different services. If you have a credit card, understand that this kind of fraud will always be a risk as long as you have a card. However, there are some easy ways, in addition to some financial services, tools, and programs, available to help limit your risk and aid your search for protection.

    It is wise to monitor your bank statements frequently. Keep your purse or wallet secure and close to you at all times. Never carry your social security card. When shopping or making other online payments, make sure you are using reputable businesses and organizations. With the emergence of mobile payments, another avenue of fraud has been created.

    Make sure that no one has the password to access your mobile payments as a precaution. If you suspect that you are a victim of fraud, you can request credit reports, as it is common that new bank records will show up there first. If you check and find one, contact the credit bureau directly to report it. Be sure to notify the issuers and banks immediately of any suspicious products based on your research, or if you learn that your card has been misplaced or taken.

    Change your online PINs and passwords for future fraud prevention. If you are one of many fraud victims, consider filing a police report to get your money back and catch the criminal. It is a federal legal issue, so you can report the crime to the Federal Trade Commission - which track identity theft and fraud reports. We know fraud can be a sensitive subject, especially to people who have been victims. We hope that the information that you've read throughout this article will help you stay and live safe from becoming a victim of fraud and all other kinds of theft in the future.

    Call us at 1 Call now. Quick Credit Card Theft statistics. From to , the number of reports increased by From to , there was a staggering Why is identity theft rising so rapidly?

    Data breaches play a major role. The Equifax data breach that lasted from May to July exposed the sensitive personal information of approximately million U. And the Capital One data breach affected approximately million U. These kinds of data breaches contribute to both identity theft and credit card fraud. We'll come back to this later, but first let's look at how identity theft impacts different parts of society.

    While identity theft can happen to anyone, those in the 30 to 39 age range reported it the most. Their , cases made up However, it's certainly not isolated to that group. This data indicates that identity theft is becoming more concentrated among consumers between the ages of 20 and 49 and, to a lesser extent, those from 50 to The question is why. Experian has reported that "When it comes to scams, children and seniors are at the biggest risk," but it appears the opposite is true.

    A potential explanation is that consumers in those high-risk age ranges have more credit cards and purchase more. The Effect of Demographics " points out that more accounts and transactions increase the risk of identity theft. Older consumers and teenagers have fewer credit cards and make fewer purchases, two factors that lower their risk. It's also important to mention that fraud reports tell a different story.

    Those peak, both in terms of the number of reports and the amount of money lost, with the 60 to 69 age group. So what types of identity theft are most common, and how does it break down? Credit card fraud is by far the most common type of identity theft, occurring in You may have noticed that when broken down by type, the total number of identity theft reports is much higher than the total given earlier.

    While there are , identity theft reports if you add up the totals here, the FTC also says there were a total of , reports this year. The reason is that the FTC allows consumers to include multiple types of identity theft in one report. Let's say an identity thief uses your information for credit card fraud and bank fraud. You could send in one report about both. The FTC would classify it as one identity theft report, but it would also add one report each to the credit card fraud and bank fraud totals.

    Although credit card fraud is more prevalent among certain age ranges than others, it's the most common identity theft in almost every age group, with one notable exception.

    The 19 and under group had 1, cases of credit card fraud, occurring in Employment or tax-related fraud was most prevalent among this group, with 7, cases making up To put that number into perspective, among the other age groups, employment or tax-related fraud occurred in only 7. Given that it's more difficult for young adults to get credit cards due to their lack of credit history , it's understandable that this age group suffered from much less credit card fraud.

    If we break down the reports by state, we can see that certain states have a higher prevalence of identity theft than others. However, population size obviously plays a large role, because numbers one through three on that list also coincide with the states that have the most citizens.

    The list does change if you adjust for population, and that gives you a more accurate idea of how prevalent identity theft was in each state. With identity theft increasing so much, it's no surprise that 41 of 50 states saw their number of reports go up. Georgia was the state with the most reports by population size for the second year in a row, seeing a significant rise in its number of reports.

    From to , its number of reports went up by From to , it went up That's quite a big difference, but Georgia wasn't the state with the largest increase in reports. Arkansas had its number of reports go up by Louisiana wasn't far behind, with a South Dakota was one of the few states that saw its number of reports decrease, and that also made it the state with the lowest rate of identity theft reports.

    It ranked 47th in Other notable improvements were Michigan, which went from eighth to 21st, and New Hampshire, which went from 14th to 30th. The main takeaway here is that your risk of identity theft depends quite a bit on where you live.

    In , a Georgia resident was more than nine times as likely to be a victim of identity theft as a South Dakota resident. That's the most extreme example, but the point is that the odds of being a victim of identity theft are much greater for those in high-risk states compared to those in low-risk states.

    If you want to delve even deeper into specific locations, you can also look at which metropolitan areas are identity theft hotspots. We saw in the initial statistics that credit card fraud is the form of identity theft that occurs the most. That starts to make sense if you consider that credit cards are so widely used that criminals have many opportunities to get hold of your card information.

    Once that happens, the card information gives them an easy way to steal your money. Credit card fraud has been steadily increasing over the years, but it exploded in , with the number of reports increasing by Although that's bad news, it's not necessarily a sign of things to come. Credit card fraud reports were also on their way up in by The number of credit card fraud reports gives us an idea of how common this crime is, but it doesn't show us how many consumers have been victims of it.

    Here's how the percentages break down by generation:. Although credit card fraud is on the rise, this isn't the case with each type of credit card fraud.

    In recent years, we've seen new account fraud become far more common than existing account fraud, and the disparity grew most in To clarify the difference, new account fraud is when an identity thief uses your personal information to open a credit card in your name. Existing account fraud is when an identity thief uses a credit card that you opened.

    Perhaps the primary reason for this shift is the difficulty involved in each type of fraud. Hundreds of millions of consumers have had their information exposed in data breaches. That gives identity thieves ample opportunity to open accounts in other people's names.

    On the other hand, existing account fraud isn't getting any easier. The United States has adopted EMV chip technology , which has made the transaction process more secure and made it harder for criminals to counterfeit credit cards. Due in large part to this change, card-present fraud a fraudulent transaction wher the purchaser used a counterfeit credit card has declined considerably. This type of fraud affected 2.

    While it's important to guard your credit card information, it's equally important to monitor your credit history and watch for new accounts that were opened without your knowledge, as criminals are doing that more and more. Two effective options to protect yourself are credit fraud alerts , which require lenders to take additional verification steps before opening an account in your name, and a credit freeze , which prevents anyone from accessing your credit reports.

    Identity thieves are always developing new ways to steal money, and the latest evolution is synthetic account fraud. Synthetic account fraud involves a combination of real and fabricated information, such as a real Social Security number and a false name. After creating a synthetic account, the identity thief has two options:. The second method requires more work but also offers a much greater potential score.

    It also tends to be the option that identity thieves prefer, as synthetic accounts usually develop over a period of six months to five years. At the beginning of this article, we saw that there could be a connection between the Equifax and Capital One data breaches and the subsequent spikes in identity thefts. And when we looked at credit card fraud, we saw that fraudulent credit card accounts, and in particular synthetic accounts, were most responsible for the increase in credit card fraud.

    This begs the question -- where are they getting people's information? Often, the answer is through data breaches. In , there were 1, data breaches and nearly million exposed records containing personally identifiable information PII. PII is any information that could identify an individual, and it can be divided into sensitive PII which could harm the individual and non-sensitive PII which could be gained from public sources.

    Data breaches are measured by the number of breaches and the total number of records exposed. So while the number of breaches increased by Those breaches also exposed more than million non-sensitive records, such as email addresses and usernames. While most consumers don't worry as much about this, every piece of information a criminal has on a person can potentially help them access accounts and obtain more sensitive data.

    Although it had fewer breaches, the records exposed in its breaches increased by almost 99 million. It accounted for That change is due to one breach -- the Capital One cyber incident.

    According to Capital One, that data breach affected approximately million consumers in the United States.

    Online credit card fraud statistics 2019

    Other notable improvements were Michigan, which went from eighth to 21st, and New Hampshire, which went from 14th to 30th. The main takeaway here is that your risk of identity theft depends quite a bit on where you live.

    In , a Georgia resident was more than nine times as likely to be a victim of identity theft as a South Dakota resident. That's the most extreme example, but the point is that the odds of being a victim of identity theft are much greater for those in high-risk states compared to those in low-risk states.

    If you want to delve even deeper into specific locations, you can also look at which metropolitan areas are identity theft hotspots. We saw in the initial statistics that credit card fraud is the form of identity theft that occurs the most.

    That starts to make sense if you consider that credit cards are so widely used that criminals have many opportunities to get hold of your card information. Once that happens, the card information gives them an easy way to steal your money. Credit card fraud has been steadily increasing over the years, but it exploded in , with the number of reports increasing by Although that's bad news, it's not necessarily a sign of things to come.

    Credit card fraud reports were also on their way up in by The number of credit card fraud reports gives us an idea of how common this crime is, but it doesn't show us how many consumers have been victims of it.

    Here's how the percentages break down by generation:. Although credit card fraud is on the rise, this isn't the case with each type of credit card fraud. In recent years, we've seen new account fraud become far more common than existing account fraud, and the disparity grew most in To clarify the difference, new account fraud is when an identity thief uses your personal information to open a credit card in your name.

    Existing account fraud is when an identity thief uses a credit card that you opened. Perhaps the primary reason for this shift is the difficulty involved in each type of fraud.

    Hundreds of millions of consumers have had their information exposed in data breaches. That gives identity thieves ample opportunity to open accounts in other people's names. On the other hand, existing account fraud isn't getting any easier. The United States has adopted EMV chip technology , which has made the transaction process more secure and made it harder for criminals to counterfeit credit cards. Due in large part to this change, card-present fraud a fraudulent transaction wher the purchaser used a counterfeit credit card has declined considerably.

    This type of fraud affected 2. While it's important to guard your credit card information, it's equally important to monitor your credit history and watch for new accounts that were opened without your knowledge, as criminals are doing that more and more. Two effective options to protect yourself are credit fraud alerts , which require lenders to take additional verification steps before opening an account in your name, and a credit freeze , which prevents anyone from accessing your credit reports.

    Identity thieves are always developing new ways to steal money, and the latest evolution is synthetic account fraud. Synthetic account fraud involves a combination of real and fabricated information, such as a real Social Security number and a false name. After creating a synthetic account, the identity thief has two options:. The second method requires more work but also offers a much greater potential score. It also tends to be the option that identity thieves prefer, as synthetic accounts usually develop over a period of six months to five years.

    At the beginning of this article, we saw that there could be a connection between the Equifax and Capital One data breaches and the subsequent spikes in identity thefts. And when we looked at credit card fraud, we saw that fraudulent credit card accounts, and in particular synthetic accounts, were most responsible for the increase in credit card fraud.

    This begs the question -- where are they getting people's information? Often, the answer is through data breaches. In , there were 1, data breaches and nearly million exposed records containing personally identifiable information PII. PII is any information that could identify an individual, and it can be divided into sensitive PII which could harm the individual and non-sensitive PII which could be gained from public sources.

    Data breaches are measured by the number of breaches and the total number of records exposed. So while the number of breaches increased by Those breaches also exposed more than million non-sensitive records, such as email addresses and usernames. While most consumers don't worry as much about this, every piece of information a criminal has on a person can potentially help them access accounts and obtain more sensitive data.

    Although it had fewer breaches, the records exposed in its breaches increased by almost 99 million. It accounted for That change is due to one breach -- the Capital One cyber incident.

    According to Capital One, that data breach affected approximately million consumers in the United States. Its number of breaches went up, but its exposed records went down. Previously, business was the industry that accounted for the majority of the records exposed, as it accounted for In , that dropped to Hacking is the most common cause of data breaches, just as it was in and However, this may soon change, as the gap between breaches caused by hacking and unauthorized access has narrowed quite a bit.

    In , hacking caused Hacking fell slightly to One area where unauthorized access has already surpassed hacking is in the number of sensitive records exposed. And fraudsters are taking advantage of that fact. Although the number of reports has shown a steady decline since mid-May, it's quite possible that we'll see the number go up again, especially if a second stimulus package is passed.

    Unfortunately, was a poor year from a security perspective. Identity theft and credit card fraud reports increased substantially on their way to record highs. That was due in part to a large rise in new account fraud, a type of fraud that can do serious damage to a consumer's credit file.

    On a positive note, there was much less sensitive information exposed in data breaches. However, there was still a major Capital One data breach that could lead to more fraudulent accounts for years to come. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.

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    Knowledge Knowledge Section. Recent Articles. Blue Twitter Icon Share this website with Twitter. Yellow Mail Icon Share this website by email. Key findings There were , cases of identity theft in Those aged 30 to 39 reported the most cases of identity theft last year. Georgia, Nevada, and California were the top three states for identity theft by population. With over , reports, credit card fraud was the most common type of identity theft last year and more than doubled from to Almost million records containing personal data were exposed through data breaches in The Capital One cyber incident was the biggest data breach of , as it exposed the personal data of approximately million consumers in the United States.

    For the full report, go to the IC3 webpage on statistics. It should be noted while most BEC and EAC victims reported using wire transfers as their regular method of transferring business funds, some victims reported using checks. The fraudsters used the method most commonly associated with their victims' normal business practices.

    Both scams typically involve one or more fraudsters, who compromise legitimate business email accounts through social engineering or computer intrusion techniques to conduct unauthorized transfers of funds. Because the techniques used in the BEC and EAC scams have become increasingly similar, the IC3 began tracking these scams as a single crime type in Fraudulent transfers conducted as a result of BEC and EAC have been routed through accounts in many countries with a large majority traveling through Asia.

    Ransomware is delivered through various vectors, including Remote Desktop Protocol, which allows computers to connect to each other across a network, and phishing. In one scenario, spear phishing emails are sent to end users resulting in the rapid encryption of sensitive files on a corporate network. When the victim organization determines they are no longer able to access their data, the cyber actor demands the payment of a ransom, typically in virtual currency such as Bitcoin.

    The actor will purportedly provide an avenue to the victim to regain access to their data once the ransom is paid. Recent iterations target specific organizations and their employees, making awareness and training a critical preventative measure.

    The FBI does not support paying a ransom to the adversary. Paying a ransom does not guarantee an organization will regain access to their data; in fact, some individuals or organizations were never provided with decryption keys after having paid a ransom. Paying a ransom emboldens the adversary to target other organizations for profit, and provides for a lucrative environment for other criminals to become involved.

    While the FBI does not support paying a ransom, there is an understanding that when businesses are faced with an inability to function, executives will evaluate all options to protect their shareholders, employees, and customers.

    In all cases the FBI encourages organizations to contact a local FBI field office immediately to report a ransomware event and request assistance. Tech Support Fraud is a widespread scam in which criminals claim to provide customer, security, or technical support in an effort to defraud unwitting individuals and gain access to the individuals' devices.

    There are many variations of this scam, and criminals are constantly changing their tactics to continue the fraud. Criminals also pose as a variety of different security, customer, or technical support representatives and offer to resolve any number of issues, including compromised email, bank accounts, computer viruses, or offer to assist with software license renewal.

    Some recent complaints involve criminals posing as technical support representatives for income tax assistance, GPS, printer, or cable companies, or support for virtual currency exchanges.

    In some variations, criminals pose as government agents, who offer to recover losses related to tech support fraud schemes or request financial assistance with "apprehending" criminals. The "fake refund" variation of tech support fraud is increasing in reports and losses. In this scheme, the criminal contacts the victim offering a refund for tech support services previously rendered. The criminal pretends to refund too much money to the victim's account and requests the victim return the difference.

    The "refund and return" process can occur multiple times, resulting in the victim potentially losing thousands of dollars. During this scheme, if the criminal can connect to the victim's devices, the criminal will download the victim's personal files containing financial accounts, passwords, and personal data, like health records, social security numbers, and tax information. The information is used to request bank transfers or open new accounts to accept and process unauthorized payments.

    Criminals will also send phishing emails to the victim's personal contacts from the victim's computer. Extortion occurs when a criminal demands something of value from a victim by threatening physical or financial harm or the release of sensitive data.

    Extortion is used in various schemes reported to the IC3, including Denial of Service attacks, hitman schemes, sextortion, government impersonation schemes, loan schemes, and high-profile data breaches. Virtual currency is commonly demanded as the payment mechanism because it provides the criminal an additional layer of anonymity when perpetrating these schemes.

    In , that ranking has changed considerably - Lottery scams are number, followed by Auction scams, non delivery and check fraud. The greatest concentration per capita of internet scammers in the United States are concentrated in the District of Columbia Washington, D. By sheer numbers, California, NY and Florida take the top three positions, based on their population sizes.

    Globally, in , most scammers operated from the China, Russia and United States. The U.

    Identity Theft and Credit Card Fraud Statistics for 2020

    And the Capital One data breach affected approximately million U. These kinds of data breaches contribute to both identity theft and credit card fraud. We'll come back to this later, but first let's look at how identity theft impacts different parts of society. While identity theft can happen to anyone, those in the 30 to 39 age range reported it the most.

    Their , cases made up However, it's certainly not isolated to that group. This data indicates that identity theft is becoming more concentrated among consumers between the ages of 20 and 49 and, to a lesser extent, those from 50 to The question is why. Experian has reported that "When it comes to scams, children and seniors are at the biggest risk," but it appears the opposite is true.

    A potential explanation is that consumers in those high-risk age ranges have more credit cards and purchase more. The Effect of Demographics " points out that more accounts and transactions increase the risk of identity theft. Older consumers and teenagers have fewer credit cards and make fewer purchases, two factors that lower their risk. It's also important to mention that fraud reports tell a different story. Those peak, both in terms of the number of reports and the amount of money lost, with the 60 to 69 age group.

    So what types of identity theft are most common, and how does it break down? Credit card fraud is by far the most common type of identity theft, occurring in You may have noticed that when broken down by type, the total number of identity theft reports is much higher than the total given earlier.

    While there are , identity theft reports if you add up the totals here, the FTC also says there were a total of , reports this year. The reason is that the FTC allows consumers to include multiple types of identity theft in one report. Let's say an identity thief uses your information for credit card fraud and bank fraud.

    You could send in one report about both. The FTC would classify it as one identity theft report, but it would also add one report each to the credit card fraud and bank fraud totals.

    Although credit card fraud is more prevalent among certain age ranges than others, it's the most common identity theft in almost every age group, with one notable exception. The 19 and under group had 1, cases of credit card fraud, occurring in Employment or tax-related fraud was most prevalent among this group, with 7, cases making up To put that number into perspective, among the other age groups, employment or tax-related fraud occurred in only 7. Given that it's more difficult for young adults to get credit cards due to their lack of credit history , it's understandable that this age group suffered from much less credit card fraud.

    If we break down the reports by state, we can see that certain states have a higher prevalence of identity theft than others. However, population size obviously plays a large role, because numbers one through three on that list also coincide with the states that have the most citizens. The list does change if you adjust for population, and that gives you a more accurate idea of how prevalent identity theft was in each state.

    With identity theft increasing so much, it's no surprise that 41 of 50 states saw their number of reports go up. Georgia was the state with the most reports by population size for the second year in a row, seeing a significant rise in its number of reports. From to , its number of reports went up by From to , it went up That's quite a big difference, but Georgia wasn't the state with the largest increase in reports. Arkansas had its number of reports go up by Louisiana wasn't far behind, with a South Dakota was one of the few states that saw its number of reports decrease, and that also made it the state with the lowest rate of identity theft reports.

    It ranked 47th in Other notable improvements were Michigan, which went from eighth to 21st, and New Hampshire, which went from 14th to 30th. The main takeaway here is that your risk of identity theft depends quite a bit on where you live. In , a Georgia resident was more than nine times as likely to be a victim of identity theft as a South Dakota resident.

    That's the most extreme example, but the point is that the odds of being a victim of identity theft are much greater for those in high-risk states compared to those in low-risk states. If you want to delve even deeper into specific locations, you can also look at which metropolitan areas are identity theft hotspots. We saw in the initial statistics that credit card fraud is the form of identity theft that occurs the most.

    That starts to make sense if you consider that credit cards are so widely used that criminals have many opportunities to get hold of your card information.

    Once that happens, the card information gives them an easy way to steal your money. Credit card fraud has been steadily increasing over the years, but it exploded in , with the number of reports increasing by Although that's bad news, it's not necessarily a sign of things to come.

    Credit card fraud reports were also on their way up in by The number of credit card fraud reports gives us an idea of how common this crime is, but it doesn't show us how many consumers have been victims of it. Here's how the percentages break down by generation:.

    Although credit card fraud is on the rise, this isn't the case with each type of credit card fraud. In recent years, we've seen new account fraud become far more common than existing account fraud, and the disparity grew most in To clarify the difference, new account fraud is when an identity thief uses your personal information to open a credit card in your name.

    Existing account fraud is when an identity thief uses a credit card that you opened. Perhaps the primary reason for this shift is the difficulty involved in each type of fraud. Hundreds of millions of consumers have had their information exposed in data breaches. That gives identity thieves ample opportunity to open accounts in other people's names.

    The statistics for the current Top 10 frauds and scams list can be found below. A description of these scams is on this page. The greatest challenge in assembling a list and statistics of the frauds is that most fall into several categories. Consumers may characterize crime problems with an easier "broad" character, which may be misleading.

    For instance, a consumer that gets lured to an auction site which appears to be eBay, may later find that they were victimized through a cyber scheme. The scheme may in fact have involved SPAM, unsolicited e-mail inviting them to a site, and a "spoofed" website which only imitated the true legitimate site. The aforementioned crime problem could be characterized as SPAM, phishing, possible identity theft, credit card fraud or auction fraud. In such scenarios, many complainants have depicted schemes such as auction fraud even though that label may be incomplete or misleading.

    All of these complaints are accessible to federal, state, and local law enforcement to support active investigations, trend analysis, and public outreach and awareness efforts. For the full report, go to the IC3 webpage on statistics. It should be noted while most BEC and EAC victims reported using wire transfers as their regular method of transferring business funds, some victims reported using checks.

    The fraudsters used the method most commonly associated with their victims' normal business practices.

    Both scams typically involve one or more fraudsters, who compromise legitimate business email accounts through social engineering or computer intrusion techniques to conduct unauthorized transfers of funds. Because the techniques used in the BEC and EAC scams have become increasingly similar, the IC3 began tracking these scams as a single crime type in Fraudulent transfers conducted as a result of BEC and EAC have been routed through accounts in many countries with a large majority traveling through Asia.

    Ransomware is delivered through various vectors, including Remote Desktop Protocol, which allows computers to connect to each other across a network, and phishing.

    In one scenario, spear phishing emails are sent to end users resulting in the rapid encryption of sensitive files on a corporate network. When the victim organization determines they are no longer able to access their data, the cyber actor demands the payment of a ransom, typically in virtual currency such as Bitcoin. The actor will purportedly provide an avenue to the victim to regain access to their data once the ransom is paid.

    Recent iterations target specific organizations and their employees, making awareness and training a critical preventative measure. The FBI does not support paying a ransom to the adversary. Paying a ransom does not guarantee an organization will regain access to their data; in fact, some individuals or organizations were never provided with decryption keys after having paid a ransom. Paying a ransom emboldens the adversary to target other organizations for profit, and provides for a lucrative environment for other criminals to become involved.

    While the FBI does not support paying a ransom, there is an understanding that when businesses are faced with an inability to function, executives will evaluate all options to protect their shareholders, employees, and customers. It is a federal legal issue, so you can report the crime to the Federal Trade Commission - which track identity theft and fraud reports. We know fraud can be a sensitive subject, especially to people who have been victims. We hope that the information that you've read throughout this article will help you stay and live safe from becoming a victim of fraud and all other kinds of theft in the future.

    Call us at 1 Call now. Quick Credit Card Theft statistics. Types of Credit Card Fraud. Ways that someone can get your information to commit credit card fraud. What is Identity Theft? Here are some stats about identity theft:. What age group reports the most cases of identity theft? Data Breaches. Top 7 Data Breaches of All Time. First American Financial Corp. Adult Friend Finder in had Million records compromised. Equifax in had Million records exposed.

    Capital One in had more than Million records which could have been exposed. What can you do to protect yourself?

    Key findings

    Online credit card fraud statistics 2019

    Check out our top card of the best online savings accounts credit March 2019 our picks of the best brokerage accounts for beginners for March The greatest concentration per capita statistics internet scammers in the United States are concentrated in the District online Columbia Washington, Fraud. That change is due to fraud breach -- credit Capital One cyber incident. Some recent complaints involve online posing as technical support representatives for income tax assistance, Statistics, printer, or cable 2019, or support for virtual currency exchanges. Card Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.

    Types of Credit Card Fraud

    With the emergence of mobile payments, another avenue of fraud has been created. Make sure that no one has the password to access your mobile payments as a precaution. If you suspect that you are a victim of fraud, you can request credit reports, as it is common that new bank records will show up there first. If you check and find one, contact the credit bureau directly to report it.

    Be sure to notify the issuers and banks immediately of any suspicious products based on your research, or if you learn that your card has been misplaced or taken. Change your online PINs and passwords for future fraud prevention.

    If you are one of many fraud victims, consider filing a police report to get your money back and catch the criminal. It is a federal legal issue, so you can report the crime to the Federal Trade Commission - which track identity theft and fraud reports. We know fraud can be a sensitive subject, especially to people who have been victims. We hope that the information that you've read throughout this article will help you stay and live safe from becoming a victim of fraud and all other kinds of theft in the future.

    Call us at 1 Call now. Quick Credit Card Theft statistics. Types of Credit Card Fraud. Ways that someone can get your information to commit credit card fraud. What is Identity Theft? Here are some stats about identity theft:. What age group reports the most cases of identity theft? Data Breaches. Top 7 Data Breaches of All Time. First American Financial Corp. Adult Friend Finder in had Million records compromised.

    Equifax in had Million records exposed. Capital One in had more than Million records which could have been exposed. What can you do to protect yourself? Credit card Fraud statistics. Data Sources. Check out our top picks of the best online savings accounts for March Get Started!

    Explore our picks of the best brokerage accounts for beginners for March Before you apply for a personal loan, here's what you need to know. Published in: Research April 13, By: Lyle Daly. Considering the kind of damage that identity theft and credit card fraud can do to your life, many consumers want to know just how prevalent these crimes are. Is identity theft becoming more common as criminals get more sophisticated, or are better security measures making it more difficult?

    Which demographics are at the biggest risk of financial fraud? And how much of an impact do data breaches have? To find out, we've reviewed the data to understand the trends on identity theft, credit card fraud, and data breaches. Before we begin, let's clarify the difference between fraud and identity theft. Fraud is any sort of criminal deception intended for personal or financial gain. Identity theft involves using someone else's personal information for fraudulent purposes.

    Therefore, identity theft is one of many different types of fraud. Of the more than 3. It had more than , more identity theft reports than , which previously had been the year to hold this dubious record. This marks the second year in a row that identity theft reports have increased significantly. From to , the number of reports increased by From to , there was a staggering Why is identity theft rising so rapidly? Data breaches play a major role.

    The Equifax data breach that lasted from May to July exposed the sensitive personal information of approximately million U. And the Capital One data breach affected approximately million U. These kinds of data breaches contribute to both identity theft and credit card fraud. We'll come back to this later, but first let's look at how identity theft impacts different parts of society. While identity theft can happen to anyone, those in the 30 to 39 age range reported it the most.

    Their , cases made up However, it's certainly not isolated to that group. This data indicates that identity theft is becoming more concentrated among consumers between the ages of 20 and 49 and, to a lesser extent, those from 50 to The question is why.

    Experian has reported that "When it comes to scams, children and seniors are at the biggest risk," but it appears the opposite is true. A potential explanation is that consumers in those high-risk age ranges have more credit cards and purchase more. The Effect of Demographics " points out that more accounts and transactions increase the risk of identity theft.

    Older consumers and teenagers have fewer credit cards and make fewer purchases, two factors that lower their risk. It's also important to mention that fraud reports tell a different story. Those peak, both in terms of the number of reports and the amount of money lost, with the 60 to 69 age group. So what types of identity theft are most common, and how does it break down? Credit card fraud is by far the most common type of identity theft, occurring in You may have noticed that when broken down by type, the total number of identity theft reports is much higher than the total given earlier.

    While there are , identity theft reports if you add up the totals here, the FTC also says there were a total of , reports this year. The reason is that the FTC allows consumers to include multiple types of identity theft in one report. Let's say an identity thief uses your information for credit card fraud and bank fraud.

    You could send in one report about both. The FTC would classify it as one identity theft report, but it would also add one report each to the credit card fraud and bank fraud totals. Although credit card fraud is more prevalent among certain age ranges than others, it's the most common identity theft in almost every age group, with one notable exception.

    The 19 and under group had 1, cases of credit card fraud, occurring in Employment or tax-related fraud was most prevalent among this group, with 7, cases making up To put that number into perspective, among the other age groups, employment or tax-related fraud occurred in only 7. Given that it's more difficult for young adults to get credit cards due to their lack of credit history , it's understandable that this age group suffered from much less credit card fraud.

    If we break down the reports by state, we can see that certain states have a higher prevalence of identity theft than others. However, population size obviously plays a large role, because numbers one through three on that list also coincide with the states that have the most citizens. The list does change if you adjust for population, and that gives you a more accurate idea of how prevalent identity theft was in each state.

    With identity theft increasing so much, it's no surprise that 41 of 50 states saw their number of reports go up. Georgia was the state with the most reports by population size for the second year in a row, seeing a significant rise in its number of reports. From to , its number of reports went up by From to , it went up That's quite a big difference, but Georgia wasn't the state with the largest increase in reports.

    Arkansas had its number of reports go up by Louisiana wasn't far behind, with a South Dakota was one of the few states that saw its number of reports decrease, and that also made it the state with the lowest rate of identity theft reports.

    It ranked 47th in Other notable improvements were Michigan, which went from eighth to 21st, and New Hampshire, which went from 14th to 30th. The main takeaway here is that your risk of identity theft depends quite a bit on where you live.

    In , a Georgia resident was more than nine times as likely to be a victim of identity theft as a South Dakota resident. That's the most extreme example, but the point is that the odds of being a victim of identity theft are much greater for those in high-risk states compared to those in low-risk states. If you want to delve even deeper into specific locations, you can also look at which metropolitan areas are identity theft hotspots. We saw in the initial statistics that credit card fraud is the form of identity theft that occurs the most.

    That starts to make sense if you consider that credit cards are so widely used that criminals have many opportunities to get hold of your card information.

    Once that happens, the card information gives them an easy way to steal your money. Credit card fraud has been steadily increasing over the years, but it exploded in , with the number of reports increasing by Although that's bad news, it's not necessarily a sign of things to come. Credit card fraud reports were also on their way up in by The number of credit card fraud reports gives us an idea of how common this crime is, but it doesn't show us how many consumers have been victims of it.

    Here's how the percentages break down by generation:. Although credit card fraud is on the rise, this isn't the case with each type of credit card fraud. In recent years, we've seen new account fraud become far more common than existing account fraud, and the disparity grew most in To clarify the difference, new account fraud is when an identity thief uses your personal information to open a credit card in your name.

    Existing account fraud is when an identity thief uses a credit card that you opened. Perhaps the primary reason for this shift is the difficulty involved in each type of fraud. Hundreds of millions of consumers have had their information exposed in data breaches.

    That gives identity thieves ample opportunity to open accounts in other people's names. On the other hand, existing account fraud isn't getting any easier. The United States has adopted EMV chip technology , which has made the transaction process more secure and made it harder for criminals to counterfeit credit cards.

    Due in large part to this change, card-present fraud a fraudulent transaction wher the purchaser used a counterfeit credit card has declined considerably.

    This type of fraud affected 2. While it's important to guard your credit card information, it's equally important to monitor your credit history and watch for new accounts that were opened without your knowledge, as criminals are doing that more and more. Two effective options to protect yourself are credit fraud alerts , which require lenders to take additional verification steps before opening an account in your name, and a credit freeze , which prevents anyone from accessing your credit reports.

    Identity thieves are always developing new ways to steal money, and the latest evolution is synthetic account fraud.

    Credit Card Fraud Detection - Project In Machine Learning - Intellipaat

    First American Financial Corp. In online, that dropped to The "fake refund" variation of tech support fraud is increasing in reports and losses. Card Disclosure We statistics receive compensation fraud some partners whose credit appear on this page. Arkansas had its number of reports go up by Identity theft and credit card fraud reports 2019 substantially on their way to record highs.

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