Tag Archives: debit cards

Fed: Debit Fraud Costs Jump 44 Percent in Two Years

Debit card-related fraud losses to merchants, cardholders and issuers rose from 2013 by 44 percent, reaching $2.41 billion in 2015, according to the Federal Reserve’s biennial survey of debit card issuers’ costs released today.

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Fed Q&A Interprets Durbin Amendment Routing on EMV

Under the Durbin Amendment, card networks cannot require merchants to allow debit cardholders to choose EMV chip application when one application routes to a single network, according to a Q&A added on Wednesday to the Federal Reserve’s Regulation II frequently asked questions page.

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Visa: EMV-Enabled Merchants Seeing Just Half of Previous Fraud

A year after the liability shift for card fraud based on readiness for chip card or EMV capability, merchants that had completed the transition to chip card terminals saw 47 percent less counterfeit fraud in May versus a year earlier, according to figures released today by Visa.

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Survey: Despite Card Fraud, Consumers Satisfied with Resolution

While nearly half of U.S. consumers believe they will experience credit or debit card fraud in the next five years -- and 42 percent have personally experienced it -- victims of fraud are universally satisfied with the way their bank resolved the situation, according to a recent survey.

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Wendy’s Confirms Data Breach at More than 1,000 Locations

The fast-food chain Wendy’s yesterday confirmed that 1,025 locations -- nearly 20 percent of U.S. stores -- were part of a major data breach that ran for up to several months in which cyber criminals infected card terminals with malware to steal debit and credit card data.

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ABA, Trades Support Durbin Repeal

ABA and several other trade groups wrote to House leaders yesterday in support of H.R. 5496, introduced by Rep. Randy Neugebauer (R-Texas) to repeal the interchange fee price controls imposed by the Durbin amendment.

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