Report: $67M In Visa Debit Losses During 6 Months

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More than $67-million in losses were suffered by Visa Debit card issuers during the first half of 2002, according to new analsysis released by ATM & Debit News. That amount, said the publication, is 36.7% more than in the first half of 2001. The figures were based on statistics collected by Fair Isaac's HNC Software unit.

The average U.S. cost for all types of fraud is $95 per affected debit card. Counterfeit costs average about $135 per card and account takeovers $120 per card, the publication reported. It added that the average account loss for all fraud per affected debit card account is $290. Counterfeit offenses cost $460 per account, and account takeovers cost $410 per account.

ATM & Debit News is published by Thomson Media, parent to The Credit Union Journal. For more info: www.cardforum.com.

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