Controlling Security Risk and Fraud in Payment Systems

October 1st, 2014
in econ_news

from the Kansas City Fed

In late 2013, a breach of the cashier system at a major retailer exposed information on 40 million debit and credit cards. That fraudsters can use the payment card numbers harvested in this breach to create fraudulent payments underscores one of many security weaknesses that can lead to payment fraud. The direct cost of fraud on Automated Clearinghouse (ACH), debit card, and credit card payments reached $6.1 billion in 2012. Investments and ongoing expenses for preventing, detecting, monitoring, and responding to payment fraud add considerably to direct costs.

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