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Debit transactions. (Source: Shutterstock)

PIN debit interchange fees are falling and fraud losses are rising, according to new data from the Federal Reserve.

The agency’s latest survey of interchange revenue, out this month, found that for many credit unions and other financial institutions not subject to the Electronic Fund Transfer Act’s interchange cap, the average interchange fee for debit transactions on single-message networks (typically PIN transactions) has continued to fall since the cap took effect in 2011. In 2017, it was $0.25, compared to $0.31 in the fourth quarter of 2011. However, fraud losses for all debit and prepaid card transactions rose to $11.20 for every $10,000 in transaction value in 2017, up from $10.30 in 2015.

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Tina Orem

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