New PULSE Debit Card Study
The PULSE EFT Association has announced the result of a new study into debit card fraud, comparing PIN and signature debit.
One of the most revealing findings was that the added security of using a personal identification number (PIN) to authorize debit card purchases makes that method of payment approximately 15 times more secure than signature debit transactions, both in terms of losses per transaction and losses per sales volume. Costs associated with PIN debit fraud at the point of sale currently amount to $.001 per transaction, or .29 basis points. By comparison, losses related to signature debit are $.016 per transaction, or 4.21 basis points.
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