4 ms·
Do you have a source for that? I mostly hear about numbers around what your parent comments gives, or a bit over.
by Artemis2 11y ago
Do you have a source for that? I mostly hear about numbers around what your parent comments gives, or a bit over.
- the_mitsuhiko 11y agoSome statistics from Europe: https://www.ecb.europa.eu/pub/pdf/other/4th_card_fraud_report.en.pdf https://www.ecb.europa.eu/pub/pdf/other/4th_card_fraud_repor...
- pbreit 11y agoFor example, from the Fed: "By number, the fraud rate for general-purpose cards was 3.60 basis points (3.60 unauthorized transactions per 10,000 transactions) and by value the fraud rate was 8.27 basis points." https://www.frbservices.org/files/communications/pdf/research/2013_payments_study_summary.pdf https://www.frbservices.org/files/communications/pdf/researc... Even the riskiest card-not-present/online merchant would rarely hit 1% or they lose their merchant account entirely. I'd be curious to see what numbers you're looking at.
- Artemis2 11y agoI should clarify, I was only talking about online payments, which I know a lot better than physical transactions. From talking to some acquiring banks, I gathered that 1%-1.5% was the maximum fraud rate they would tolerate, depending on the value of your account. With fraud rates like that, you will not see volume discounts anytime soon either.