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.
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.
Credit cards and online bill pay increased their shares of all payments, according to results from the Federal Reserve Bank of Boston’s 2014 Survey of Consumer Payment Choice released today.
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.
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.
Following the Target data breach of 40 million credit and debit card accounts in late 2013, there was little to no change in the use of credit and debit cards, according to researchers at the Federal Reserve Bank of Boston.
By Monica Meinert
Banks find synergies in promoting local merchants, delighting their customers and boosting debit card profitability.
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.
ABA — through its Corporation for American Banking subsidiary — announced today that it has endorsed Rippleshot’s automated card compromise detection platform.