Fraud: the Enemy Within?
Cards International reports that as recession bites, card issuers and players are experiencing a surge in first-party credit card fraud and ATM and debit fraud. A range of recent studies gives varying reasons for the upsurge, from individuals purposefully defrauding card issuers, to mass compromised card data. CI also notes US payment consultancy TowerGroup predicts that US branded total card credit losses will peak at $55.6 billion in 2009 because the recessionary economic conditions are making it difficult for consumers to repay credit card debt.
