What Is The Scope Of The Global Payment Card Skimming Market?
Payment card skimming is the illicit method of stealing card data from magnetic stripes during legitimate transactions, typically used for fraudulent transactions or to create counterfeit cards. It occurs at ATMs, gas pumps, retail terminals, and online transactions where criminals intercept and exploit cardholder information.
Payment Card Skimming Global Market Report 2024 provides data on the global payment card skimming market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The payment card skimming market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Payment Card Skimming Market Expected To Grow In Size And Annual Rates?
The payment card skimming market has expanded rapidly, growing from $3.16 billion in 2023 to $3.56 billion in 2024 at a CAGR of 12.4%. Historical growth was attributed to increased card use, ATM proliferation, limited awareness of skimming risks, and regulatory requirements. The market is expected to reach $5.71 billion in 2028 at a CAGR of 12.6%, driven by contactless payment adoption, digital wallets, and enhanced payment security. Trends include AI for prevention, blockchain technology, and advancements in security features.
What Main Forces Are Fueling Expansion In The Payment Card Skimming Market?
The rising instances of automated teller machine (ATM) fraud are predicted to accelerate the growth of the payment card skimming market. ATMs allow users to perform banking transactions without human assistance. As ATM usage increases, so does ATM fraud. Payment card skimming devices are crucial in preventing unauthorized access and fraud, ensuring the safe operation of ATMs. For example, in April 2022, the Federal Bureau of Investigation reported that ATM thefts rose by 10% in 2021, with 254 thefts recorded compared to 229 in 2020. The increase in ATM-related fraud is expected to propel the payment card skimming market.
Get Your Free Sample of the Global Payment Card Skimming Market Report
What Are The Primary Segments In The Global Payment Card Skimming Market?
The payment card skimming market covered in this report is segmented –
1) By Component: Solution, Service
2) By Deployment Mode: On-Premise, Cloud
3) By Organization Size: Large Enterprise, Small And Medium-sized Enterprises
4) By Application: Identity Theft, Payment Fraud, Money Laundering, Automated Teller Machine (ATMs), Other Applications
Which Key Trends Are Driving Changes In The Payment Card Skimming Market?
Major companies in the payment card skimming industry are leveraging artificial intelligence, particularly generative AI, to enhance fraud detection and transaction security. This technology identifies patterns and anomalies in transaction data, proactively mitigating fraudulent activities. In May 2024, Mastercard Inc., a U.S.-based payment card services corporation, launched an AI-driven system capable of rapidly scanning transaction data across billions of cards and merchants. This innovation doubles the detection rate of compromised cards, reduces false positives by up to 200%, and identifies fraud-vulnerable merchants 300% faster, significantly enhancing fraud prevention measures.
What Is The Leading Region In The Payment Card Skimming Market?
North America was the largest region in the payment card skimming market in 2023. The regions covered in the payment card skimming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
