Hi all, Julie here.
Happy Halloween! 👻 In honor of the spooky holiday, we thought we’d share a few of the scary payments stats we’ve come across and think about frequently. Let me just say, some are downright terrifying. You might want to make sure you’re not alone and have the lights on for these…
In true Orum style, we had to start with some spooky statistics on money movement.
- 13.7M checks are processed each day, valuing $39 billion. And imagine how many checks get lost in the mail?!
- In the US, 76% businesses still use checks at least once a year, 73% use ACH, 68% use corporate cards and 67% use credit cards. In Europe, “only” 61% of businesses use checks.
- $72 trillion of money moved in 2021 with no message going with the payment, aka: it doesn’t even have someone’s name!
- In 2021, less than 1% of U.S. transactions settled in real time, while 30% of transactions in India did.
- While Same Day ACH is growing in popularity (around $1 trillion in 2021), it still pales in comparison to ACH more broadly ($72 trillion).
- Consumers were charged ~$8B in overdraft fees in 2021. If money moved in real time, we believe this number would be much lower.
Safe to say there are a number of terrifying stats here. The scariest part of all of it though, is the fact that it’s only getting worse (pandemic=online payment boom=fraudster’s dream).
- In 2021, the FBI’s Internet Crime Complaint Center (IC3) received a record number of complaints: 847,376 with potential losses exceeding $6.9 billion.
- In 2021, business e-mail compromise (BEC) schemes resulted in 19,954 complaints with an adjusted loss of nearly $2.4 billion.
- Over the last five years, the IC3 has received an average of 552,000 complaints per year.
- In 2021, the IC3 received 34,202 complaints involving the use of some type of cryptocurrency, such as Bitcoin, Ethereum, Litecoin, or Ripple, with a reported loss amount increasing nearly seven-fold from 2020’s reported amount of $246,212,432, to total reported losses in 2021 of more than $1.6 billion.
- 47% of the world’s credit card fraud happens in the U.S.
Thankfully, Orum can help protect you and your business from these stats. Reach out to Orum’s team to gain deeper insight into our payments API and discover how your platform can benefit from real-time, fully automated money movement.