The North America Payment Card Skimming Market would witness market growth of 8.3% CAGR during the forecast period (2023-2030).
The US market dominated the North America Payment Card Skimming Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,294.9 million by 2030. The Canada market is experiencing a CAGR of 10.7% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 9.7% during (2023 - 2030).
The proliferation of payment channels, including POS terminals, ATMs, online payment gateways, mobile wallets, and contactless payment systems, has created new opportunities for payment card skimming. Cybercriminals target a wide range of payment devices and platforms, exploiting vulnerabilities in digital payment infrastructure to intercept payment card data and compromise users' sensitive information. It offers significant financial rewards for cybercriminals, making it an attractive option for individuals seeking to profit from fraudulent activities.
Moreover, the rapid growth of e-commerce has created new opportunities for payment card skimming, as cybercriminals target online merchants and digital payment platforms to steal payment card data from unsuspecting consumers. Mage cart attacks, in particular, have become increasingly prevalent, with cybercriminals injecting malicious scripts into e-commerce websites to capture payment card information entered by shoppers.
The rise of digital payments in Canada means more avenues for cybercriminals to exploit vulnerabilities and perpetrate skimming attacks. With a larger volume of transactions occurring online or through digital channels, there is a corresponding increase in the potential targets for skimming attacks. According to the International Trade Administration (ITA), with over 650 fintech startups, Mexico is one of the largest fintech industries in the world. Due to the COVID-19 pandemic, Mexican fintech startups increased by more than 14 percent, especially in digital banking. In conclusion, the increasing fintech industry and growing adoption of digital payments drive the market's growth.
Free Valuable Insights: The Payment Card Skimming Market is Predict to reach USD 5.6 Billion by 2030, at a CAGR of 9.6%
Based on Organization Size, the market is segmented into Large Enterprise, and Small & Medium-Sized Enterprises. Based on Deployment Type, the market is segmented into On-Premise, and Cloud. Based on Application, the market is segmented into Identity Theft, ATMs, Payment Fraud, Money Laundering, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Component
By Organization Size
By Deployment Type
By Application
By Country
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