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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Scope Of Payment Card Skimming Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Payment Card Skimming Market Overview
Market Drivers –
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.
Market Trends –
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%.
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
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Regional Insights –
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.
Key Companies –
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.
Table of Contents
1. Executive Summary
2. Payment Card Skimming Market Report Structure
3. Payment Card Skimming Market Trends And Strategies
4. Payment Card Skimming Market – Macro Economic Scenario
5. Payment Card Skimming Market Size And Growth
…..
27. Payment Card Skimming Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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