n.exchange's latest data release lists Canada as one of the top three locations for crypto purchase credit card fraud amid a fraudulent activity spike between 2020 and 2021
London, November 2021 – n.exchange, a cryptocurrency exchange specializing in fiat on- and off-ramp to make crypto investment user-friendly, unveils its crypto purchase credit card fraud attempt figures for 2019-2021. Its campaign to combat credit card fraud in cryptocurrency highlights a significant rise in fraudulent purchase attempts by cyber criminals using stolen card details, most of which was perpetrated from countries in the Western hemisphere.
The most noteworthy data from n.exchange relates to geography, annual change, and the average value of attempted fraudulent purchases:
Between 2013 and 2019, credit card fraud totals more than doubled from just over $13 billion to $28 billion, according to a Nilson report. By 2021, the total is expected to balloon further to over $32 billion. With the cryptocurrency market expected to grow by a CAGR of 56.4 percent between 2019 and 2025, and nearly 20 percent of Bitcoin buyers using credit cards in 2018, credit card fraud for crypto purchases will rise.
n.exchange employs a wide range of complex and sophisticated data-driven tools and procedures to combat fraud, with very stringent three-tier verification measures for high-value and high-risk purchasers in order to identify and intercept fraud.
“The sharp increase in attempted fraud we’ve witnessed this year should be a reminder to both users and exchanges alike that credit card fraud and identity theft are a real and growing threat, and one that needs to be combatted on both sides,” says Gustavo De La Torre, Director of Business Development at n.exchange. “Cybercriminals will continue to set the pace, so a two-pronged approach is vital; users need to protect themselves by practicing good cyber-hygiene, while exchanges need to continuously revise their fraud protection measures to ensure they are current and fit for purpose in a threat landscape that is constantly evolving—a campaign n.exchange is firmly committed to by continuously optimizing our own protocols and protections.”
n.exchange is a fast, reliable and fully transparent cryptocurrency exchange built by crypto enthusiasts, for crypto enthusiasts, with a focus on openness and transparency. n.exchange is built on several core values that guide its team in its day-to-day operations. Among them are complete transparency, a desire to help make cryptocurrency as accessible as possible, and a passion for open-source solutions. The exchange offers a simple fiat on- and off-ramp for its users to seamlessly get into the crypto world with ease of mind. The company is currently in the process of seeking financial regulation documents from the FCA. For more information, visit https://n.exchange.
Oleg Belousov, CEO
Gustavo De La Torre, BDO