11 Worst Countries for Credit Card Fraud

With news of compromised credit cards and data breaches often in the headlines, many people are concerned about fraud – and with good reason. Payment industry newsletter the Nilson Report recently reported that fraud losses incurred by banks and merchants on all credit, debit, and prepaid cards was more than $16 billion last year, with the United States accounting for 48.2% of the total. Experts say the problem is only going to get worse – worldwide losses for credit card fraud are expected to more than double by 2020, reaching $35.54 billion. Although millions of Americans have been the victims of credit card fraud, the United States isn’t the only country where fraudsters are operating. Problems occur in all countries where credit and debit cards are used, but they seem to happen more frequently in certain nations. According to a survey of more than 6,000 people in 20 countries by Aite Group and ACI Worldwide, these are the 11 worst countries for credit card fraud.

ACI Worldwide, the Universal Payments (UP) company, powers electronic payments for more than 5,100 organizations around the world. The quantitative market research in Q2 2016 surveyed 6,159 consumers. The study was conducted in 20 countries including regions: The Americas, Europe, Middle East, Africa and the Asia-Pacific. In 2016, Mexico is at the top of the list with 56 percent, followed by Brazil at 49 percent and U.S. at 47 percent. The U.S. is the only country to remain in the top three both years, due in part to being a laggard in the roll-out of EMV chip cards. You could also check the list of 11 Biggest Political Scandals of All Time.