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Do you have a source for this "_ridiculous_ amount of banking fraud"? I have seen stats around credit cards that show higher fraud now compared to Europe, but t
by nerdkid93 7y ago
Do you have a source for this "_ridiculous_ amount of banking fraud"? I have seen stats around credit cards that show higher fraud now compared to Europe, but that's because we were late to the chipped credit card game. To be fair, until France switched to chipped credit cards, they had higher levels of fraud. Source: https://youtu.be/2IksSNiEo2g https://youtu.be/2IksSNiEo2g
- orf 7y agoThe one that comes to mind is the federal reserve report. https://www.federalreserve.gov/publications/files/changes-in-us-payments-fraud-from-2012-to-2016-20181016.pdf https://www.federalreserve.gov/publications/files/changes-in... Tl;dr For reference, according to the last ECB report in the EU the total value of fraudulent transactions from cards issued by SEPA countries was 0.041% of the total value of transactions (€1.8 billion - That's over 5x less fraud). Only 19% of that was point of sale fraud $3.6 billion card fraud in the US is point of sale - 10x more than the €342 million point of sale EU fraud. Overall there is $2.62 billion of counterfeit card fraud, $3.46 billion of "Fraudulent use of account number" (whatever that is), $810 million "lost or stolen card" fraud (not an issue with chip and pin), and $360 million "fraudulent application" fraud.