Skimming is a technique that criminals use to get credit or debit card information. They install small devices, called skimmers, on card readers at ATMs or point-of-sale terminals. The skimmer collects card data when an individual uses the ATM and swipes their card. A fraudster then uses it to create counterfeit cards or carry out unauthorized transactions using that information. Over the years, technological advancements have reduced the risks of money laundering and enhanced the security of financial interactions for consumers.
Allied Market Research published a report, titled, “Payment Card Skimming Market Industry by Component (Solution and Service), Deployment Mode (On-Premise and Cloud), Organization Size (Large Enterprise and Small Medium-sized Enterprise) and Application (Identity Theft, Payment Fraud, Money Laundering, ATMs and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the global payment card skimming industry generated $2.9 billion in 2022 and is anticipated to generate $7.4 billion by 2032, witnessing a CAGR of 9.9% from 2023 to 2032.
Prime determinants of growth
Criminals increasingly target newer payment methods, such as contactless payments, and exploit vulnerabilities in emerging technologies. The use of sophisticated skimming devices and techniques persists, posing challenges for detection and prevention. Additionally, collaborative efforts among law enforcement, financial institutions, and businesses aim to combat this form of fraud. As the payment landscape evolves, ongoing innovations in security protocols and heightened public awareness play crucial roles in staying ahead of the evolving payment card skimming trends.
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬:https://www.alliedmarketresearch.com/request-sample/A10030
The solution segment is to maintain its leadership status throughout the forecast period
By component, the solution segment held the highest market share in 2022, accounting for more than two-thirds of the global payment card skimming market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to advanced encryption technologies, such as end-to-end encryption and tokenization, which have gained prominence as effective measures to protect sensitive cardholder data. Point-of-sale terminals and payment processing systems increasingly integrate these solutions to ensure that data is securely transmitted and stored throughout the transaction process. However, the service segment is projected to manifest the highest CAGR of 12.9% from 2023 to 2032, as companies involved in payment processing, such as banks and retailers, are expected to invest more in advanced security measures. This can include the implementation of secure payment terminals, encryption technologies, and regular security audits.
The on-premises segment to maintain its leadership status throughout the forecast period
By deployment mode, the on-premise segment held the highest market share in 2022, accounting for nearly two-thirds of the global payment card skimming market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to enhanced physical security measures, such as surveillance cameras, tamper-evident seals, and secure card reader installations, which are crucial in preventing on-premise skimming attacks. However, the cloud segment is projected to manifest the highest CAGR of 12.5% from 2023 to 2032, owing to cloud security solutions employing continuous monitoring and advanced threat detection mechanisms to identify and respond to potential security threats promptly.
The large enterprise segment to maintain its lead position during the forecast period
By enterprise size, the large enterprise segment accounted for the largest share in 2022, contributing more than two-thirds of the global payment card skimming market revenue, as large enterprises invest heavily in advanced threat detection solutions to identify and respond to sophisticated payment card skimming attacks promptly. This includes the use of artificial intelligence (AI) and machine learning (ML) for anomaly detection. However, the small and medium-sized enterprise segment is expected to portray the largest CAGR of 11.7% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. This is attributed to the fact that SMEs often rely on secure payment processing solutions provided by reputable third-party vendors. These solutions may include point-to-point encryption and tokenization to safeguard payment data.
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The identity theft segment to maintain its lead position during the forecast period
By application, the identity theft segment accounted for the largest share in 2022, contributing nearly one-third of the global payment card skimming market revenue, as cybercriminals leverage compromised usernames and passwords obtained from data breaches to conduct credential stuffing attacks. They try these stolen credentials on various websites and services, including those related to financial accounts. However, the money laundering segment is expected to portray the largest CAGR of 13.1% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. This is attributed to the fact that money launderers often attempt to mix illicit funds with legitimate transactions to disguise the source of the funds. This can involve using complex transaction networks to make tracking more difficult.
North America to maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the payment card skimming market revenue, owing to payment card skimming attacks in North America have become more sophisticated, with criminals using advanced technology and tactics to deploy skimming devices on ATMs, gas pumps, and point-of-sale (POS) terminals. However, the Asia-Pacific region is expected to witness the fastest CAGR of 13.2% from 2023 to 2032 and is expected to dominate the market during the forecast period. This is attributed to the fact that in the Asia-Pacific region, online skimming attacks (Magecart-style attacks) have been on the rise. Cybercriminals compromise e-commerce websites to introduce malicious code that steals payment information during online transactions.
Leading Market Players: –
Fiserv Inc.
Sesame Software
Complianceforge
Investedge
Riskskill Inc.
Rivial Data Security
Matrix IFS
BWISE
Quercia Software
C2C Smartcompliance
The report provides a detailed analysis of these key players in the global payment card skimming market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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