According to the Nilson Report, the world’s leading source of news and proprietary research on consumer payment systems, the United States currently accounts for 47 percent of global credit and debit card fraud even though it generates only 27 percent of the total volume of purchases and cash. Payment card fraud losses totaled $3.56 billion in 2010 in the U.S. from all general purpose and private label, signature, and PIN payment cards.
Unfortunately, ATM fraud will continue to challenge the financial landscape for 2013. Most experts agree it is due to the lack of chip and pin (EMV) implementation in the U.S. Data from the Europol Payment Card Fraud 2012 Situation Report further illustrates the impact. As European countries continue their EMV migration, skimming losses decrease.