PSA’s 2025 Fraud Report puts counterfeit Pokémon cards up 125% year over year and altered Pokémon cards up 407.2%. The report is a 32-page PDF that prints no publication date; the dollar valuation behind its $200 million projection uses Card Ladder values “as of April 27, 2026”.
The report prints categories on page 5, rankings on page 6, fastest-growing fakes on page 9, the top counterfeited cards on page 14, altered cards on pages 22 to 26, and protection advice on page 31. Where our PSA 10 listings share a card name and number with a report entry, they are linked with their price.
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The cover puts the projected value of intercepted fraudulent collectibles at “$200+ Million”. Pokémon is the number 1 counterfeited category and Charizard the number 1 counterfeited subject. Counterfeit Pokémon cards are “+125%” year over year and altered Pokémon cards “+407.2%”. Six of the ten most-counterfeited cards by volume are Pokémon, and none of the ten carries the “JP” marker; eight of the ten most-altered cards are marked “JP”. A PSA 10 back order with the same name and number as the report’s top altered entry (Shibuya’s Pikachu S-P 002) is offered at ¥121,131 (~$787), sourced to order.
Report tables with page numbers, and our PSA 10 listings with matching card names, as of September 29, 2026.
The Headline Numbers
The report separates two kinds of problem. Counterfeit cards are fakes. Altered cards are, in PSA’s definition on page 21, “authentic cards that have been manipulated to improve perceived condition or grade outcome.” The headline table below gives both.
| Measure | Printed value | Page |
|---|---|---|
| Projected value of fraudulent collectibles intercepted | “$200+ Million” | 1 |
| All counterfeit cards, year over year | +45.3% | 5 |
| Counterfeit sports cards, year over year | +5.1% | 5 |
| Counterfeit Pokémon cards, year over year | +125% | 5 |
| All altered cards, year over year | +108.7% | 22 |
| Altered sports cards, year over year | +1.6% | 22 |
| Altered Pokémon cards, year over year | +407.2% | 22 |
Page 5 adds that “the rate of counterfeit submissions increased significantly faster—rising 250% as a share of total submissions. This indicates fraud is gaining share within the market, not just growing alongside it.” Page 30 states the method behind the $200 million figure: PSA used the average grade of genuine cards in its Pop Report as the baseline, with values from Card Ladder “as of April 27, 2026”, and describes the result as “approximately $200+ million”.
The report does not print absolute counts of counterfeits per category, and it does not print a split between Japanese and English counterfeits.
Counterfeit Categories and Subjects (Pages 5–6)
Page 5 splits counterfeit cards by category: “56.3% TCG”, “43.1% Sports” and “.6% Pop Culture”. By era it prints “70.1% Modern (1990-Present)” and “29.9% Vintage (Pre-1990)”. Page 6 ranks the ten most-counterfeited categories and the ten most-counterfeited subjects.
| Rank | Category (page 6) | Subject (page 6) |
|---|---|---|
| 1 | Pokémon | Charizard |
| 2 | Baseball | Michael Jordan |
| 3 | Basketball | Pikachu |
| 4 | Football | Mickey Mantle |
| 5 | Yu-Gi-Oh! | Gengar |
| 6 | Magic: The Gathering | Tom Brady |
| 7 | Disney Lorcana | Rayquaza |
| 8 | ONE PIECE | Umbreon |
| 9 | Hockey | Mewtwo |
| 10 | Soccer | Ken Griffey Jr. |
Read the right-hand column carefully: Charizard, Pikachu, Gengar, Rayquaza, Umbreon and Mewtwo are all Pokémon subjects. Page 7 also prints the highest counterfeit rates, and none of its rows is a Pokémon card: the T206 Honus Wagner (92.3%), the 1952 Topps Mickey Mantle #311 (61.9%), the 1984 Star Michael Jordan #101 (26.7%) and the 1986 Fleer Michael Jordan #57 (25.0%). Volume and rate are different measures, and the report prints both.
The Fastest-Growing Fakes (Page 9)
Page 9 lists the counterfeit targets that grew fastest year over year. All four are Pokémon cards, and none of the four carries the “JP” marker.
| Rank | Card as printed in the report | Change YoY |
|---|---|---|
| 1 | 2014 Pokémon Phantom Forces M Gengar EX #35 | +656% |
| 2 | 2013 Pokémon Plasma Storm Lugia EX #134 • Full Art | +640% |
| 3 | 2015 Pokémon Roaring Skies M Rayquaza EX #105 | +520% |
| 4 | 2023 Pokémon 151 Charizard ex #199 • SIR | +480% |
The same page makes a point about availability. PSA says it graded more than 285,000 genuine 2025 Japanese McDonald’s Promo Pikachu cards in 2025, yet in the same year 51 counterfeit examples were submitted, “indicating that availability does not eliminate incentive.” A card that is easy to get can still be faked.
The Most-Counterfeited Cards (Pages 14 and 16)
Page 14 ranks the top ten counterfeited cards by volume. Six of the ten are Pokémon cards. None of the ten carries the “JP” marker that the report uses elsewhere for Japanese items.
| Rank | Card as printed in the report |
|---|---|
| 1 | 1986 Fleer Michael Jordan #57 |
| 2 | 2014 Pokémon XY Flashfire M Charizard EX #108 |
| 3 | 2014 Pokémon XY Flashfire M Charizard EX #69 |
| 4 | 1999 Pokémon Charizard #4 • Holo • 1st Edition |
| 5 | 2023 Pokémon SV Promo Pikachu With Grey Felt Hat #085 |
| 6 | 2016 Pokémon XY Gen. M Charizard EX #12 |
| 7 | 2019 Pokémon S&M Team Up Latias & Latios GX #170 • Full Art |
| 8 | 2000 SkyBox Impact Tom Brady #27 |
| 9 | 1989 Fleer Bill Ripken #616 • FF Error |
| 10 | 1952 Topps Mickey Mantle #311 |
Page 16 picks the most-counterfeited card for each character. The Pokémon and One Piece rows are below.
| Character | Most-counterfeited card (page 16) |
|---|---|
| Monkey D. Luffy | 2023 ONE PIECE OP05 #119 Manga Alt Art |
| Eevee | 2019 Pokémon S&M Team Up #171 Eevee & Snorlax GX |
| Charizard | 2014 Pokémon XY Flashfire #108 Charizard EX |
| Roronoa Zoro | 2024 ONE PIECE OP06 #118 Manga Alt Art |
| Rayquaza | 2015 Pokémon XY Roaring Skies #105 M Rayquaza EX |
| Pikachu | 2023 Pokémon SV Promo #085 Grey Felt Hat |
None of these entries carries the report’s “JP” marker, so they are not the Japanese printings. The practical use of the list is to know which names attract fakes. For the checks on raw Japanese cards, see our article on how to spot fake Japanese Pokemon cards.
One Piece in the Report
ONE PIECE is the number 8 counterfeited category on page 6 and the number 5 altered category on page 24. Page 6 explains why its counterfeit activity is lower than its submission volume suggests: “While ONE PIECE submissions outpaced Magic: The Gathering, Disney Lorcana, and Yu-Gi-Oh! in 2025, counterfeit activity remained comparatively lower. This is driven in part by proxy cards in Magic: The Gathering and Yu-Gi-Oh! — used for deck testing — which can unintentionally enter the secondary market.”
Two One Piece cards appear by name. On page 16, Luffy’s most-counterfeited card is OP05 #119 Manga Alt Art and Zoro’s is OP06 #118 Manga Alt Art. Page 28 lists the same two as the most-altered One Piece cards for each character. For rarity codes and set order, see our articles on One Piece card rarity and how to buy One Piece cards from Japan.
Altered Cards: The Other Half of the Report
Page 21 lists the types of alteration: dimensional modification (trimming), corner and edge recoloring, surface manipulation or gloss enhancement, structural flattening or chemical treatment, and layer reconstruction (rebacking). A PSA senior specialist notes that rebacks were “once largely confined to Magic: The Gathering, now increasingly appearing in Yu-Gi-Oh! and Pokémon.”
Page 22 prints the split: “69.8% TCG”, “29.7% Sports” and “0.5% Pop Culture” by category, and “83.1% Modern (1990-Present)” against “16.9% Vintage (Pre-1990)” by era. Page 24 ranks the altered categories: Pokémon, Baseball, Basketball, Football, ONE PIECE, Hockey, Yu-Gi-Oh!, Soccer, Magic: The Gathering, Disney Lorcana. It also states that “Pokémon characters claim nine of the 10 most-altered subjects, with Michael Jordan as the lone non-Pokémon entry.”
| Rank | Most-altered subject (page 24) | Most-altered card by volume (page 26) |
|---|---|---|
| 1 | Pikachu | 2019 Pokémon JP S-P Pikachu #002 • Shibuya’s Pikachu |
| 2 | Charizard | 2023 Pokémon S&V 151 Charizard ex #199 • SIR |
| 3 | Michael Jordan | 2019 Pokémon JP S&S Marnie #068 • Full Art |
| 4 | Mew | 2014 Pokémon JP XY Promo Pikachu #098 • Mega Tokyo’s Pikachu |
| 5 | Gengar | 1996 Pokémon JP Base Set Charizard #006 • Holo |
| 6 | Umbreon | 2021 Pokémon JP SWSH Gengar VMAX #020 • Alternate Art |
| 7 | Eevee | 2018 Pokémon JP SM Promo Pikachu #288 • Munch Promo |
| 8 | Mewtwo | 2025 Pokémon Pris. Evol. Eevee #173 • Black Star Promo |
| 9 | Rayquaza | 2019 Pokémon JP Tag Team Reshiram & Charizard GX #220 • Full Art |
| 10 | Sylveon | 2019 Pokémon JP S&M Lillie #068 • Full Art |
The two columns are two separate rankings that share a row number; they are not pairs. The right-hand column matters most for Japanese-card buyers: eight of the ten are marked “JP”, including Shibuya’s Pikachu, Mega Tokyo’s Pikachu, the Munch Promo Pikachu and the Gengar VMAX. Altered cards are genuine cards, so the risk is a card graded, priced or described as better than it is. PSA’s altered-card checks are dimensional measurement (“Even fractions of a millimeter matter.”), recoloring and edge touch, paper structure and warping, edge beveling, gloss and surface consistency, and layer integrity (page 25). A PSA 10 Tag Team Reshiram & Charizard GX UR (SM12a 220/173) matches the name and number of the report’s Rayquaza-row entry only; it is offered as a PSA 10 back order at ¥77,883 (~$506), sourced to order, and the product page shows the current terms.
How PSA Says It Identifies Fakes
Page 17 names four visible signals. The table lists them as PSA words them.
| Signal (page 17) | PSA’s description |
|---|---|
| Print clarity | “Counterfeits often appear blurry under magnification because they originate from scans, not original print files.” |
| Foil patterns | “Authentic foil uses specific layering and reflectivity patterns.” |
| Fonts | “Fonts — especially in Pokémon — are distinct and difficult to replicate accurately.” |
| Paper stock and layering | “Fiber structure and lamination layers differ.” |
PSA adds advanced methods: ink density comparison, surface fluorescence, print registration alignment, tactile surface analysis, microscopic pattern alignment and edge analysis. On page 10 it says known counterfeits from its internal library “are regularly introduced into the workflow as blind tests”, and on page 18 that it invested “more than 80,000 hours in specialized training” in 2025. Page 29 describes “a reference library of more than 270 million card images and exemplars”.
What the Report Means for a Buyer
The report’s own protection advice, on page 31, is short. “Always check certification numbers on the PSA app to confirm authenticity of graded collectibles.” Examine print quality, fonts, foil patterns and cardstock; compare against verified examples; buy from trusted sources; and remember that a deal priced significantly below the going price “may indicate an issue with authenticity.”
- Low-priced cards are targets too. PSA’s head of grading brand protection says counterfeiters “target the $10 or $20 bill instead of the $100” (page 12), while “Every card — whether it’s $10 or $10,000 — is examined with extreme rigor.”
- PSA does not keep fakes. Page 13: “PSA does not retain or confiscate submitted counterfeits, we encourage collectors to follow up with the original seller or marketplace where the item was purchased.”
- The report is about cards, not holders. It contains no statistic on fake slabs. Our article on how to tell if a PSA slab is fake covers PSA’s holder and label checks and the cert-lookup steps.
For the grade itself, our explainer on what PSA 10 means on a Pokemon card gives the scale, and the Japanese Pokemon card grading guide compares the grading companies.
Replica and Metal Cards: The Pokémon Company’s Warning
A separate official notice covers items that are not fakes of a graded card at all. On September 19, 2023, The Pokémon Company warned on pokemon-card.com (notice 004119, and still on its site) about items sold as “レプリカ” replicas and “メタルカード” metal cards that use Pokémon Card Game copyrights and trademarks without permission. The company says it works with sales-platform operators and asks customers not to buy them by mistake.
The notice does not mention PSA or slabs. It is a reminder that a Pokémon-branded item is not automatically a licensed card, whatever it is sold as.
PSA 10 Listings With the Same Card Names
Several report entries share a card name and number with our PSA 10 listings; the McDonald’s Pikachu row is a name match only, because the report prints no number for it. The report does not print a set code for every card, so check the set on the product page. Prices are as of September 29, 2026, and back orders are sourced to order — the product page shows the current terms, and the PSA 10 back order explainer describes how they work.
| Report entry | Our listing | Type | Price |
|---|---|---|---|
| Shibuya’s Pikachu #002 (altered list, page 26) | PSA 10 Shibuya Pikachu, S-P 002 | Back order | ¥121,131 (~$787) |
| 2023 Pokémon SV Promo Pikachu With Grey Felt Hat #085 (page 14, rank 5) | PSA 10 Pikachu with Grey Felt Hat, SVP EN 085 (Van Gogh exhibition promo, English Ver.) | Back order | ¥418,404 (~$2,717) |
| Mega Tokyo’s Pikachu #098 (page 26) | PSA 10 Mega Tokyo Pikachu, XY-P 098 | Physical PSA 10 | ¥344,638 (~$2,238) |
| Mega Tokyo’s Pikachu #098 (page 26) | PSA 10 Mega Tokyo Pikachu, XY-P 098 | Back order | ¥341,292 (~$2,216) |
| Gengar VMAX #020 Alternate Art (page 26) | PSA 10 Gengar VMAX SA, SGG 020/019 | Back order | ¥298,615 (~$1,939) |
| Marnie #068 Full Art (page 26) | PSA 10 Marnie SR, S1H 068/060 | Back order | ¥72,113 (~$468) |
| Munch Promo Pikachu #288 (page 26) | PSA 10 Pikachu Munch Exhibition, SM-P 288 | Back order | ¥2,216,165 (~$14,391) |
| 2025 Japanese McDonald’s Promo Pikachu (page 9; no number printed) | PSA 10 Pikachu P, M-P 020, McDonald’s Happy Set 2025 | Back order | ¥10,588 (~$69) |
| Luffy OP05 #119 Manga Alt Art (page 16) | PSA 10 Monkey D. Luffy SEC-SP (Comic Parallel), OP05-119 | Back order | ¥1,097,520 (~$7,127) |
| Zoro OP06 #118 Manga Alt Art (page 16) | PSA 10 Roronoa Zoro SEC-SP (Comic Parallel), OP06-118 | Back order | ¥346,596 (~$2,251) |
Other versions with the same card numbers, not named in the report: the PSA 10 Monkey D Luffy SEC-P (OP05-119) back order at ¥6,100 (~$40), the PSA 10 Roronoa Zoro SEC-P (OP06-118) back order at ¥16,381 (~$106) and the PSA 10 Roronoa Zoro SEC (OP06-118) back order at ¥8,727 (~$57).
Pikachu entries
Gengar VMAX and Marnie
Umbreon, the number 8 counterfeited subject
Umbreon is the number 8 counterfeited subject on page 6 and number 6 among the most-altered subjects on page 24, though none of the report’s top-card lists on pages 14, 16, 26 and 28 names an Umbreon card. Our PSA 10 Umbreon ex SAR from Terastal Festival ex (SV8a 217/187) is offered as a back order at ¥71,094 (~$462).
Where to Buy PSA 10 Cards from Japan
Browse the PSA 10 collection or the PSA 10 card list. Sourcing requests for a specific card go through Quick Order. Starting points, as of September 29, 2026: the PSA 10 Charizard ex SAR (SV2a 201/165) back order at ¥77,846 (~$505) and the physical PSA 10 Mega Tokyo Pikachu at ¥344,638 (~$2,238). For the purchase route, see how to buy Japanese Pokemon cards from Japan.
Frequently Asked Questions
How much did counterfeit Pokémon cards rise in PSA’s 2025 Fraud Report?
Page 5 prints “+125% Increase in counterfeit Pokémon cards YoY”, against +45.3% for all counterfeit cards and +5.1% for counterfeit sports cards. Page 22 prints +407.2% for altered Pokémon cards. The report prints no publication date; its projected dollar value uses Card Ladder values as of April 27, 2026.
Which cards are counterfeited most often according to PSA?
Page 14 ranks the top ten by volume: the 1986 Fleer Michael Jordan #57 is first, followed by 2014 XY Flashfire M Charizard EX #108 and #69. Six of the ten are Pokémon cards. Page 6 names Charizard as the top counterfeited subject and Pokémon as the top category.
How common are fake One Piece cards in the report?
ONE PIECE is the number 8 counterfeited category on page 6. PSA says its counterfeit activity remained comparatively lower than its submission volume, partly because proxy cards in other games enter the market. Page 16 names OP05 #119 for Luffy and OP06 #118 for Zoro, both Manga Alt Art.
Which Japanese cards does the report list as most altered?
Page 26 lists ten cards, and eight are marked “JP”. The first is Shibuya’s Pikachu #002; others include Mega Tokyo’s Pikachu #098, Gengar VMAX #020 Alternate Art and the Munch Promo Pikachu #288. Altered cards are genuine cards manipulated to improve perceived condition or grade outcome.
How does PSA identify a counterfeit card?
Page 17 lists print clarity, foil patterns, fonts and paper stock with lamination layers, plus ink density comparison, surface fluorescence, print registration alignment and edge analysis. Page 29 adds a reference library of more than 270 million card images. The report does not describe fake slabs; it covers cards.
How can I protect myself when buying graded Pokémon cards?
Page 31 advises checking certification numbers on the PSA app, examining print quality, fonts, foil and cardstock, comparing against verified examples, and buying from trusted sources. It warns that a deal significantly below the going price may indicate an issue with authenticity. PSA does not keep counterfeits, so contact the seller.
How much does a PSA 10 with the same name as a card in the report cost from Japan?
As of September 29, 2026, the PSA 10 Shibuya Pikachu back order is listed at ¥121,131 (~$787), the McDonald’s Happy Set Pikachu back order at ¥10,588 (~$69), and the Mega Tokyo Pikachu physical PSA 10 at ¥344,638 (~$2,238). Each product page shows its current terms.
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