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Fraud and Payments by the Numbers: 16 Stats from 2016

By Sarah Beldo  / 

30 Aug 2016

Who doesn’t love a good stat? It’s time for another roundup of the latest numbers and trends about credit card fraud and payments…

fraud by the numbers
Image: Håkan Dahlström

Credit card fraud stats from 2016

$8.6 billion

What false declines will cost merchants in 2016

$6.5 billion

Total cost of actual fraud merchants will prevent that same year

Source: Business Insider

Takeaway:

Are you keeping a close enough eye on fraud false positives? Sounds like many merchants aren’t. Check out our guide to measuring how many good customers you may be inadvertently auto-blocking.

**

77%

Percentage of fraud in Australia that’s CNP (card-not-present) fraud

Source: Australian Payments Clearing Association

**

18%

Growth in credit card fraud year-over-year in the UK (2014-15)

75%

Proportion of the UK card fraud increase that was CNP (card-not-present)

Source: FICO and SC Magazine

**

$25.6 billion

The value online fraud is predicted to reach, by 2020

Source: Juniper Research

Takeaway:

CNP fraud just keeps increasing. Our 2016 Fraud Trends Report found that 68% of online businesses were anticipating more fraud this year – and it looks like they were right.

**

42%

Proportion of U.S. consumers who’ve experienced credit card fraud

46%

Proportion who think it’ll happen to them again in the next 5 years

Source: Auriemma Consulting Group

Takeaway:

Consumers are getting desensitized to headlines about hacking, data breaches, and fraud. When it comes to keeping users’ financial information safe, promises about security and safety may be ringing a bit hollow.

Payment stats from 2016

**

76%

Retailers citing EMV as one of their top 3 payment challenges over the past year

46%

Respondents who said chargebacks (often related to EMV) were one of their 3 biggest challenges

Source: NRF/Forrester

**

100 million

Number of transactions made using Samsung Pay in its first year, across 7 countries.

Source: Samsung Pay

**

75%

Proportion of contactless payments in the U.S. made using Apple Pay

Source: Apple via Fortune

**

20%

UK consumers who say they wouldn’t trust any smartphone wallet app

Source: eMarketer

**

62%

Proportion of Americans who expect the U.S. to be a cashless society in their lifetime

56%

Respondents aged 18-29 who are comfortable without cash

32%

Respondents aged 65+ who are comfortable without cash

Source: Gallup

Takeaway:

We all have more and more options for how we’d like to pay – from good ol’ fashioned coins and bills to a sensor and a smartphone to virtual currencies. Different people have different preferred methods (and it seems to be largely generational). With so much choice, online businesses must carefully weigh which options they choose to offer.

Related

payment fraudstats

Sarah Beldo

Sarah Beldo was the Director of Content Marketing at Sift.

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