Raleigh metro sees 34.6% increase in credit card frauds in 2022 compared to year before, report finds
The analysis found the Raleigh metro area saw 11.2 credit card fraud reports per 10,000 residents in 2022.
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The Raleigh metro area had the 27th highest rate of credit card fraud among large metro areas. Upgraded Points defined a large metro is defined as having more than 1 million people.
Last year, the Miami metro area ranked first among large metros with about 51.4 credit card fraud reports per 10,000 residents. The Atlanta metro ranked second with 33.1 reports per 10,000 residents and the Orlando Metro ranked third with 31.4 reports per 10,000.
Upgraded Points found credit card fraud typically happens in two ways:
- Account takeover: Account takeover fraud takes place when a bad actor obtains credentials or other personal information to gain access to the cards, funds or other benefits associated with an existing account.
- Application fraud: Application fraud happens when a bad actor attempts to open new credit card accounts in another person’s name using personal information or counterfeit documents.
Nationwide, reported fraud cases have nearly tripled in the last five years. The bulk of the increase has come through application fraud, the report found.
Reported cases of fraud from new accounts have risen tenfold within the last two decades, from 1.4 reports per 10,000 residents in 2004 to 14 per 10,000 in 2022.
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