It’s safe to say that 2016 has been a year of heightened turmoil for the payments and security industry. With the aftermath of EMV implementation, a sharp rise in data breaches, and unprecedented fraud losses by issuers, we know that this year has kept you busy. The good news is, we’re here to help. In order to save you time, we have compiled a list of key statistics that paint the bigger picture of the industry as a whole. Follow the Rippleshot Team as we take you through the Top 11 Stats of 2016.
1) Nearly 1 in 3 consumers have experienced card fraud in the past five years
2) After experiencing fraud, 40% of consumers reported using their account and reissued card less
3) 2016 e-commerce fraud attack rates are projected at least 15% higher than last year’s total
4) Issuers suffered $10.9B in Card Fraud Losses in 2016
5) The amount of money consumers put on prepaid cards grew from less than $1 billion in 2003 to almost $65 billion in 2012. It is expected to grow to $112 billion by 2018.
6) Friendly fraud has risen 41% since 2011
7) By 2019, the global e-commerce market is predicted to be worth US $2.4 Trillion
8) The average cost of recovery from a single security incident is estimated to be $86,500 for SMBs, and $861,000 for enterprises.
9) 81% of companies plan to increase their annual IT security budget by an average of 22% in 2016
10) Approximately 1 in 3 buyers to report feeling reluctant to make purchases in stores or online due to frequent reports of data breaches in the news.
11) Cybercriminals collected $209 million in the first 3 months of 2016 alone, putting ransomware on pace to becoming a $1 billion criminal “industry” this year.
To learn more about the state of payment fraud in 2016 and how to best protect consumers, check out Rippleshot’s white paper below: