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Cleaning up application fraud takes and average of 17 hours.

The number of victims of fraudulent card accounts almost doubled between 2016 and 2017, and that may be brewing bad blood between members and card issuers, according to a study by FIS and Javelin Strategy & Research.

The survey of 5,000 people found that the number of people who’ve had a criminal open a fake account in their name rose from 0.9 million in 2016 to 1.6 million in 2017. Total losses for the year due to application fraud were $1.7 billion.

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Tina Orem


Credit Union Times

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