Payment Card Skimming Market Report 2024

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 during the historic period can be explained by an increase in the use of payment cards and electronic transactions, the expansion of ATMs and point-of-sale (POS) terminals, limited awareness and education regarding skimming risks, regulatory pressures and compliance requirements, and economic factors influencing consumer spending habits.

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%. Anticipated growth in the forecast period is driven by the rising adoption of contactless payments to minimize physical card exposure, a shift towards mobile and digital wallet payments, strengthened regulatory frameworks mandating enhanced payment security, consumer demand for smooth and secure payment experiences, global expansion of electronic payment systems, and the growth of digital economies. Key trends in the forecast period include a heightened emphasis on preventive technologies, integration of artificial intelligence and machine learning, adoption of blockchain technology, and advancements in security measures.

The rise in ATM fraud incidents is expected to drive growth in the payment card skimming market. ATMs, which allow users to conduct banking transactions independently, have become frequent targets for fraud due to technological advancements and widespread usage. Measures such as PIN authentication, encryption, surveillance, and physical security are crucial in safeguarding ATM operations and protecting users' financial data. For example, in 2021, the FBI reported 254 ATM thefts, a 10% increase from the previous year, underscoring the need for enhanced security measures in combating financial fraud at ATMs.

Leading companies in the payment card skimming market are leveraging artificial intelligence, including generative AI, to enhance detection capabilities and strengthen transaction security. Generative AI technology plays a key role in skimming prevention by analyzing transaction data for irregular patterns and anomalies, thereby preemptively identifying and mitigating fraudulent activities. Mastercard, for instance, introduced a new technology in May 2024 that uses generative AI to swiftly analyze vast amounts of transaction data, improving fraud detection rates and reducing false positives significantly. This technology enhances card security and accelerates the identification of merchants vulnerable to fraud.

In June 2021, Mastercard bolstered its transaction security capabilities by acquiring Ekata Inc., a provider of digital identity verification and fraud prevention solutions. This strategic acquisition expands Mastercard's digital payment offerings and strengthens its position in the digital identity verification market, paving the way for advancements in real-time payments and cross-border transactions.

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.

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.

The countries covered in the payment card skimming market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Payment card skimming involves the unauthorized capture of card data from magnetic stripes during legitimate transactions, often for use in fraudulent activities or the creation of counterfeit cards. This occurs at various points such as ATMs, gas pumps, retail terminals, and during online transactions, where criminals intercept and exploit cardholder information.

In the realm of payment card skimming, solutions encompass technological products and software aimed at detecting and preventing fraudulent activities associated with card skimming. These solutions include monitoring transactions, identifying suspicious patterns, and safeguarding sensitive cardholder data from theft or unauthorized access. Deployment options range from on-premise to cloud-based, catering to organizations of varying sizes including large enterprises and small to medium-sized businesses. The applications of these solutions span identity theft, payment fraud, money laundering, automated teller machines (ATMs), among others.

The payment card skimming market research report is one of a series of new reports that provides payment card skimming market statistics, including payment card skimming industry global market size, regional shares, competitors with an payment card skimming market share, detailed payment card skimming market segments, market trends and opportunities, and any further data you may need to thrive in the payment card skimming industry. This payment card skimming market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The payment card skimming market consists of revenues earned by entities by providing services such as education, training, encryption, fraud monitoring, consulting, and advisory services. The market value includes the value of related goods sold by the service provider or included within the service offering. The payment card skimming market also includes sales of anti-skimming devices, encryption technologies, cybersecurity solutions, and regulatory compliance tools. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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