As retailers nationwide continue to transition to chip card technology, those who have completed their upgrades have noticed a significant decline in counterfeit fraud, according to a new infographic by Visa.
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The nation’s banks stopped nearly $17 billion in fraudulent transactions in 2016 — a figure that represents a substantial increase since 2014 in attempted fraud, when the industry stopped $11 billion — according to ABA’s 2017 Deposit Account Fraud Survey Report released today.
Credit card payments grew significantly in 2016, increasing 10.2 percent to total 37.3 billion, according to new data from the Federal Reserve today.
Bank leaders are constantly on the lookout for ways to increase their non-interest income, and one option is to switch debit card programs.
Cash, debit cards and prepaid cards all increased their share of payment instruments that households use in a typical month, according to results from the Federal Reserve Bank of Boston’s 2015 Survey of Consumer Payment Choice released today.
Efforts by financial institutions to secure card payments and prevent fraud appear to be paying off, according to a recent survey commissioned by Transaction Network Services.
Consumer noncash payments have increased significantly between 2000 and 2015, according to new data from the Federal Reserve today.