62 million Americans face fraudulent credit card charges

Credit card fraud is a big problem, and it’s getting worse.

According to a new report by Security.org, an estimated 62 million Americans got hit with fraudulent charges last year, up an extra 10 million people from the year prior.

Unauthorized purchases in 2024 added up to an estimated $6.2 billion, and the median fraudulent charge jumped to $100.

“A huge impact to the economy,” said Security.org’s Corie Colliton. “Many people do get that money back thanks to the protections that are offered by a lot of credit card companies or banks, but still that’s a lot of money going into the wrong hands.”

More than half of cardholders say they’ve been victims of fraud multiple times, and according to the report, the vast majority of people, 80%, admitted to at least one risky credit card habit.

There are easy ways to reduce the risk of costly mistakes. First, regularly review statements. Check for charges and transactions that don’t seem familiar. If there is a problem, you’ll catch it quickly.

Next, Colliton suggests using multi-factor authentication to log into your accounts, choose unique, complex passwords, and monitor your credit.