Payment fraud losses reach $33.4 billion globally in 2024

Global card fraud losses reached approximately $33.4 billion in 2024. The United States, which accounts for about a quarter of global card spending, represented nearly 42% of these losses according to the Nilson Report.

As physical card counterfeiting has become more difficult due to chip technology, fraud has shifted toward digital channels. Card-not-present fraud is the dominant form in the U.S., alongside rising trends in account takeovers and authorized-push-payment scams where victims are deceived into sending money themselves.

In addition to security threats, the removal of transaction friction—such as stored payment methods and automatic subscriptions—can lead to mindless spending. Identifying stored card information is a recommended method for consumers to manage unwanted recurring charges and subscriptions.