Overview and Scope
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.
Sizing and Forecast
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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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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the payment card skimming market are 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.
The payment card skimming market report table of contents includes:
1. Executive Summary
2. Payment Card Skimming Market Characteristics
3. Payment Card Skimming Market Trends And Strategies
4. Payment Card Skimming Market – Macro Economic Scenario
5. Global Payment Card Skimming Market Size and Growth
…..
32. Global Payment Card Skimming Market Competitive Benchmarking
33. Global Payment Card Skimming Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Payment Card Skimming Market
35. Payment Card Skimming Market Future Outlook and Potential Analysis
36. Appendix
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