The Nilson Report, a leading publication that covers the credit card industry, reported Wednesday that worldwide fraud losses on credit cards, debit cards and prepaid cards hit $16.31 billion in 2014 on a total card sales volume of $28.844 trillion.

This translates to a rate of 5.65 cents in fraud losses per every $100 in volume, the publication reported. In addition, fraud grew by 19% last year, while overall volume only grew by 15%.

Nilson reported that U.S. fraud losses reached 12.75 cents for every $100 in volume annually, and that the U.S. accounted for 48.2% of the world's card fraud losses. At the same time, the U.S. only contributed 21.4% of the world's overall card sales volume.