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Rate of Credit Card Fraud Increasing?

Credit Card Fraud might not be the most common type of fraud- government benefit fraud is a close competitor (eclipsing credit card fraud in 2020), but it’s certainly been trending upwards. It isn’t just a US phenomenon; In the UK credit card fraud climbed to a five year high at the end of 2021. Debit card fraud appears less common- but this may be due to a lower rate of debit card use in risky transactions. It’s a relatively sensible choice to risk a credit card number, rather than risk giving a thief full access to your checking account. Surprisingly, the victim of credit card loss only suffers financial loss about 25% of the time– most of the expense goes to the company that issued the card or the seller the fraudster purchased from.

It might be that credit card fraud will stop increasing- but for the moment, I’m very pleased to have a number of alerts set on my credit card.

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