More interesting fraud data from the Kansas City Fed
As I mentioned before, "The Changing Nature of U.S. Card Payment Fraud: Industry and Public Policy Options" by Richard J. Sullivan, has some interesting data about the nature of fraud. Here's what's in Table 2 in this document.
Share of total loss
Total issuer losses
Internet, mail order, and telephone
Total merchant losses
I noticed a few interesting things is this data:
- Banks actually suffer more from card payments fraud than merchants do – roughly 50 percent more
- For banks, ATM fraud is a almost one-third of credit card fraud
- Merchants actually have more POS losses than CNP losses
I wouldn't have expected any of those to be true.