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Payment Card Skimming Market Report 2024 - Payment Card Skimming Market Demand And Trends
Payment Card Skimming Market
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According to The Business Research Company's, The payment card skimming market size has grown rapidly in recent years. It will grow from $3.16 billion in 2023 to $3.56 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%. The growth in the historic period can be attributed to increased adoption of payment cards and electronic transactions, the proliferation of ATMs and point-of-sale (POS) terminals, limited awareness and education about skimming risks, regulatory pressures and compliance requirements, and economic factors affecting consumer spending behavior.
The payment card skimming market size is expected to see rapid growth in the next few years. It will grow to $5.71 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The growth in the forecast period can be attributed to a rise in contactless payment adoption, reducing physical card exposure, a shift towards mobile and digital wallet payments, regulatory enhancements and mandates for stronger payment security, consumer demand for seamless and secure payment experiences, global expansion of electronic payment systems, and digital economies. Major trends in the forecast period include increased focus on prevention technologies, integration of artificial intelligence, integration of machine learning, adoption of blockchain technology, and advancements in security technologies.
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Market Drivers and Trends:
The increasing incidents of automated teller machine (ATM) fraud are expected to propel the growth of the payment card skimming market going forward. An automated teller machine (ATM) is a specialized computerized device that enables individuals to perform various banking transactions without human intervention or visiting a physical bank branch. With advancements in technology and the widespread use of ATMs for banking transactions, there has been a significant rise in ATM fraud. Payment card skimming measures protect against fraud and unauthorized access, ensuring the safe operation of automated teller machines (ATMs) and safeguarding users' financial information. These measures include PIN authentication, encryption, surveillance and physical security features. For instance, in April 2022, according to the Federal Bureau of Investigation, a US-based law enforcement agency, there were 254 thefts from ATMs in 2021, an increase of 10% from 229 in 2020. Therefore, the increasing incidents of automated teller machine (ATM) financial fraud will drive the growth of the payment card skimming market.
Major companies operating in the payment card skimming market are integrating artificial intelligence, such as generative AI technology, to enhance detection capabilities and bolster security measures for card transactions. Generative AI technology is utilized in skimming prevention by identifying patterns and anomalies in transaction data to detect and mitigate fraudulent activities proactively. For instance, in May 2024, Mastercard Inc., a US-based payment card services corporation, launched a new technology that rapidly scans transaction data from billions of cards and millions of merchants, surpassing previous processing speeds. This system employs Mastercard's generative AI-based predictive technology to detect and alert on emerging fraud patterns, effectively doubling the detection rate of compromised cards, significantly reducing false positives by up to 200% during fraud detection on potentially compromised cards, and accelerating the identification of merchants at risk from or compromised by fraudsters by 300%.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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Major Key Players of the Market:
Fiserv Inc., NCR Voyix Corporation, Zebra Technologies Corporation, Fortinet Inc., Diebold Nixdorf Incorporated, IDEMIA Identity & Security USA LLC, Check Point Software Technologies Ltd., Trend Micro Incorporated, Axis Communications AB, ACI Worldwide Inc., Fair Isaac Corporation (FICO), Ingenico Group SA, CyberArk Software Ltd., Verifone Systems Inc., McAfee LLC, Trustwave Holdings Inc., SAI360 Inc., MagTek Inc., Matrix IFS Ltd., Bluefin Payment Systems LLC, Sesame Software LLC, ComplianceForge LLC, Rivial Data Security LLC, C2C SmartCompliance LLC, Riskskill Inc.
Payment Card Skimming Market 2024 Key Insights:
• The payment card skimming market size is expected to see rapid growth in the next few years. It will grow to $5.71 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%.
• Rising ATM Fraud Incidents Fueling Growth In ATM Security Market
• Innovations In Fraud Detection With Generative AI
• North America was the largest region in the payment card skimming market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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