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PYMNTS Daily Data Dive: Fraud Losses Topped $21B In 2015

PYMNTS

percent in 2015, outpacing the growing global card volume. The industry’s best defense against counterfeit fraud are EMV cards and the terminals needed to read their chips,” David Robertson, publisher of The Nilson Report, said in a press release. billion | The amount of gross card fraud losses worldwide that the U.S.

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Green Dot posts 4Q loss, promises better results this year

Payments Source

The prepaid card issuer has been striving to overcome the setback it suffered from the discontinuation of a popular product in 2015.

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Credit Card Companies’ Focus On Subprime Increases Rate Of Missed Payments

PYMNTS

Credit card companies have not been shy when it comes to lending to subprime customers , but according to new data from TransUnion, that strategy is starting to backfire for the credit card issuers. percent for credit cards issued in 2014 and 1.5 percent for credit cards issued in 2013.

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JPMorgan Chase Crosses $1 Trillion Mark With Merchant Processing

PYMNTS

According to JPMorgan Chase , merchant processing volume has grown annually from $750 billion in 2013 to nearly $950 billion in 2015. But the report didn’t name any specific issuers. The Costco relationship accounted for 10 percent of Amex cards, 20 percent of its loans and a healthy portion of its annual volume.

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Hacked ATMs Lead to 70% Rise in Debit Card Fraud

FICO

The number of hacked card readers at U.S. This new data follows a 546 percent increase in compromised ATMs from 2014 to 2015. The rest took place at bank ATMs or point-of-sale (POS) devices, such as card payment machines at retailers. The average number of cards affected by a single compromise was cut in half.

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Double-Digit ATM Compromise Growth Continues in US

FICO

The fraud growth rate has slowed down from the gangbusters surge we saw in 2015, but consumers and issuers still need to pay attention. If your plastic card is captured inside of an ATM, call your card issuer immediately to report it. Either way, you will need to arrange for a replacement card as soon as possible.

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What is 3D Secure Authentication and How Does It Work

Stax

In 2015, Version 2 of 3D Secure was released as an improvement on the above system. The merchant’s website will initiate a 3DS request with the customer’s card issuer on the payment page. The payment processor will send a request for authentication to the customer’s card issuer.