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Data for this episode of Truth In Data provided by Mercator Advisory Group’s report – The State of Debit Card Fraud
- Issuers & Acquirers have adopted varying solutions and implemented them to varying extents
- Fraud is ever-evolving, requiring continuous investment and mitigation
- As solutions are continuously deployed, they must not add friction to the customer experience
- After a slow start, Debit cards are being used more frequently in online and mobile channels
- In relative dollar value loss, debit fraud actually declined in 2018 (<1%); but thats because debit card growth jumped to 6.2%
- Losses to Debit card fraud still top $2 billion per year nationwide
About this report
Managing debit card fraud needs a new approach. Debit card fraud since implementation of EMV is well managed despite a barrage of threats, but as the shift in transactions toward card-not-present channels continues and criminal tactics evolve accordingly, fraud prevention takes on a more critical role. Cardholders can be more effectively engaged in the fraud prevention effort if it is viewed as a product relationship service not a back-office function. Keeping debit cardholders safe from fraud protects not just the card but the core relationship.