Credit card losses from fraud cases reached new levels in 2015 for credit unions and other financial institutions.
Fraud losses incurred by financial institutions and merchants' credit, debit, and prepaid general purpose and private label payment cards issued worldwide reached $21.84 billion last year according to The Nilson Report.
The Carpinteria, Calif. analytic firm reported global card volume (purchases of goods and services combined with cash advances and withdrawals) totaled $31.310 trillion. What this means is for every $100 in volume, 6.97 cents was fraudulent, up from 6.21 cents per $100 in 2014. Fraud, which grew by 20.6%, outpaced volume, which grew by 7.3%.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
