The latest available statistics in 2010 show that globally, card payment fraud recorded extremely high rates of occurrence. Despite the many efforts to reduce and eliminate fraud through building an improved understanding of fraud threats, sharing data on prevention and mitigation benefits, and increasing public awareness with regards to fraudulent card payments, fraud continues to impact the financial industry and global economy. Since consumers are becoming more dependent on card payments, industry leaders, stakeholders and various organisations comprising the card payment industry must develop and implement various strategies to combat fraud. Organisations are working to prevent and mitigate the risk of card payment fraud, as well as reducing its effects by employing the latest technologies and innovations in card payment systems and software, including technologies in fraud detection.
In this report, current statistics on card payment fraud are presented in key countries and regions, including Europe, Asia-Pacific, the US and the UK. These countries and regions have varying rates of card payment fraud and are implementing various strategies and technologies to reduce and eliminate fraud. This report specifically discusses the strategies and practices implemented by leading banks, financial institutions and organisations in order to reduce the impact of card payment fraud. The thoughts and opinions of industry leaders have also been gathered and included in this report to provide an overview of the current situation with regards to card payment fraud. Key points on how banks and financial institutions cope with high rates of card payment fraud are also discussed here. Similarly, the effects of fraud on consumers and how they adapt to it are credited. The report provides an overview of the ways in which awareness is being increased with regards to card payment fraud across all members of the payments industry and cross-border collaborations which aim to share fraud prevention and mitigation measures.