The latest Federal Trade Commission report states that credit card fraud is the most common type of identity theft. As online shopping, payments, and banking continue to become more common, so do the cases of credit card fraud. Let’s take a quick look at some facts as to why credit card fraud is an increasing problem in the United States.
Credit Card Fraud Statistics: The Fast Facts
- The FTC received 2.5 million total fraud reports, 114,348 of which were confirmed credit card fraud
- The total loss due to credit card fraud is $246.1 million
- Online shopping was the #1 category for credit card fraud totaling $66 million in losses
- Only 925 fraud offenders were sentenced in the United States with an average sentence of 26 months
- 77.8% of sentenced credit card fraud offenders were men and 81.3% were United States Citizens
Credit Card Fraud Statistics, Data, and Facts for 2024
Credit card fraud cases are decreasing and so are the losses. This ever-growing problem in America seems to have no end in sight as fewer and fewer criminals are being convicted. Let’s take a close look at this alarming data.
The FTC Received 114,348 Credit Card Fraud Reports
The FTC received 114,348 official credit card fraud reports through its reporting platform.
Losses From Credit Card Fraud Totaled $246.1 Million
Losses from the confirmed 114,348 credit card fraud reports totaled a staggering $246.1 million dollars. This averages out to over $2,000 per reported credit card fraud.
Credit Card Fraud Associated with Online Shopping Accounted for $66 Million in Losses
Online shopping was by far the largest category of credit card fraud totaling $66 million dollars across 61,342 reports. This was over half of the total reported credit card fraud cases.
Only 925 Credit Card Fraud Offenders were Sentenced in the United States
Only 925 credit card fraud offenders were sentenced in 2022 (the latest available data), which was higher than the previous year, but lower than 2018.
The Average Credit Card Fraud Sentence was Only 26 Months
The average sentence of a credit card fraud offender was only 26 months of jail time.
Bottom Line
It’s clear that credit card fraud problem is continuing to grow while the sentencing is remaining soft. In order to see a turn around in the trend, the criminal justice system needs to increase the penalties for these credit card frauds that financially ruin some American’s lives.
2024 Data Sources