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Global Credit, Debit, and Prepaid Card Fraud Losses Up 14.6% in 2012

In a press release, The Nilson Report announced findings that "issuers, merchants, and acquirers of credit, debit, and prepaid general purpose and private label payment cards worldwide experienced gross fraud losses of $11.27 billion in 2012, up 14.6% over the prior year. Of that $11.27 billion, card issuers lost 63% and merchants and acquirers lost the other 37%." This amounts to a fraud loss rate of 5.22 basis points on total payment card volume of $21.604 trillion in 2012 - up from 5.07 basis points in 2011.

“Adoption of EMV at the point of sale is the strongest defense against counterfeit cards,” said David Robertson, publisher of The Nilson Report.

“EMV adoption would not only help U.S. issuers but also issuers in other parts of the world that must continue to put mag-stripes on their cards to accommodate POS terminals in the U.S. Fraudsters are willingly paying a premium for stolen mag-stripe data from EMV card countries in order to create counterfeit cards for use in the U.S.,” he explained.

Nilson noted that the losses were lowest on PIN-based debit cards where fraud losses were 1.1 basis points of PIN debit card volume.

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