Payment card fraud statistics for 2018
Image: Gemini Advisory × card-fraud-2018.png
Due to a booming cybercrime scene, India is expected to surpass the UK in 2019 and become the second-most targeted country for payment card fraud, behind the undisputed leader, the US.
According to cybercrime statistics compiled by cyber-security firm Gemini Advisory, over 3.2 million Indian payment card records have been compromised and posted for sale online in 2018, a big jump from the previous year, when details for only 800,000 Indian payment cards had been posted on cybercrime forums.
India is the perfect target for cybercrime
The sudden attention that India is receiving makes a lot of sense. The country is anticipated to overtake China to become the most populous country in the world by 2024, and India’s economy is expected to surpass the UK economy by the end of the year.
Coupled with a boom of India’s middle class and the government’s efforts to digitize the country, more and more Indians are now in possession of a payment card.
But this sudden rise in valid payment cards has not been accompanied by similar investments in payment card security from the banking sector.