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Credit Card Fraud Losses Goes Multi-Billion in 2012

August 20, 2013

Curated from the Fort Mills Times

Global Credit, Debit, and Prepaid Card Fraud Losses Reach $11.27 Billion in 2012

Up 14.6% Over 2011 According to The Nilson Report CARPINTERIA, Calif. —
Issuers, merchants, and acquirers of credit, debit, and prepaid general purpose and private label payment cards worldwide experienced gross fraud losses of $11.27 billion in 2012, up 14.6% over the prior year, according to The Nilson Report, a leading payment industry newsletter. Of that $11.27 billion, card issuers lost 63% and merchants and acquirers lost the other 37%.

Gross fraud losses equaled 5.22¢ per $100 in total volume, up from 5.07¢ per $100 in 2011. Although fraud as a percentage of total volume has increased over the last two years, this comes after remaining essentially flat for the prior eight years, and it remains near the historical low. Read More>>>