Credit-Card Fraud Attempts on the Rise

FIS reports that credit and debit card fraud attempts have increased since the coronavirus hit the US; the dollar volume of fraud attempts rose 35% in April from the previous year; many of these transactions were caught before they actually posted to accounts but it still poses a problem for both consumers and lenders; if fraudsters end up being more successful the result could mean more losses for the card issuers and increased costs to consumers; Fraud losses totaled $16.9 billion last year, up 15% from 2018; according to others in the industry, banks have increased fraud projections for 2020; the WSJ digs into the tactics of the fraudsters and the challenges that financial services institutions face. The Wall Street Journal

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