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12% of the money is suspected fraudulent, not the transactions, right? So could be that fraudulent transactions are a smaller volume of the total transactions,
by pprotas 3y ago
12% of the money is suspected fraudulent, not the transactions, right? So could be that fraudulent transactions are a smaller volume of the total transactions, but they simply tend to be higher in terms of dollar amount.
- huhtenberg 3y agoGP got it wrong. These are transaction counts, not $ totals.
- pc86 3y agoFraud is typically very small dollar amounts used to test the card. Partially to try to go unnoticed but also to leave as much of the limit available as possible for intended purchases later.
- ajryan 3y agoCard testing doesn’t require a purchase, fraudsters can validate a card by adding it to an online wallet. The retailer will send a $0 authorization to the bank. Fraud happens across all transaction amounts, what do you think people use the cards for once they buy or guess a valid card?
- __float 3y ago$0 authorizations are routinely skipped, though - the fees add up substantially because of card testing, some card networks don't support it (and instead you need $1 or similar), and it can be confusing for customers.