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US consumers are increasingly turning to debit cards for their everyday transactions, driving a significant surge in the number of transactions and overall spending. The 2024 PULSE DebitIssuer Study reveals that in 2023, the total number of debit cards, transactions and annual spending per active card all saw substantial increases.
PULSE , the debit/ATMnetwork that operates as a Discover Financial Services company, said in a press release that it has adopted the FICO Falcon Platform to bring new fraud detection services to its network of more than 4,100 debitissuers. percent in 2017 to 6.7 percent in 2018, reaching an estimated 68.5
The data of 4 million breached debit and credit cards was even posted for sale in late 2019, stolen from four restaurant chains between April and September 2019, and recently made available for purchase on Joker’s Stash, an online black market. Card issuers, networks and retailers all must play a part in defending against such breaches.
The signature is compared with the one on the back of the card or with the signature stored in the card issuer’s system. When running the debit card “as credit,” the transaction will be charged according to the debit rates noted in Visa and Mastercard’s interchange tables , not according to the debitnetwork fee schedules.
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