U.S. Fraud on the Rise
The cost of a skimming incident in the U.S. has risen to $50,000 on average, up from $30,000 a few years ago, according to a report from the U.S. Secret Service. Fraud costs for the U.S.
payments industry are an estimated $8.6 billion yearly*.
EMV technology has already impacted the rate of fraud in regions that have adopted it. The UK Cards Association reports fraud on lost or stolen cards is at its lowest level in
*Aite Group, 2011