Author: Kerry Close / Source: Time
The U.S. is responsible for more than a third of the world’s credit card fraud.
While fraud losses incurred on all credit, debit and prepayment cards reached $21.84 billion last year, losses in the U.S. accounted for $8.45 billion, or 38.7% of the total volume, according to the Nilson Report, a trade newsletter covering the industry. At the same time, the nation generated just 22.9% of global purchase and cash volume.
Total credit card fraud losses grew by 20.6% over the last year, outpacing volume, which clipped upward by only…
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