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Thursday, December 31, 2020
Card use, abuse spiral upwardYear-over-year growth in payment card usage has provided revenue streams to merchants, service providers and cybercriminals, according to new analysis by the Nilson Report, Arkose Labs and Bluefin. Analysts at all three firms expect these trends to continue into the new year.
Issue 1187 of the
Nilson Report newsletter, published December 2020, reported $42.274 trillion in global credit, debit and prepaid card activity in 2019, a 4.2 percent increase over the previous year. Global losses during 2019 involving payment card issuers, acquirers and merchants rose to $28.65 billion, a 2.9 percent increase compared to the same period in 2018. Dollars lost to fraud rise every year in the U.S. and worldwide, Nilson analysts wrote, while noting that losses to fraud detailed in the report exclude expenses incurred by issuers, merchants and acquirers when investigating and responding to fraudulent transactions, costs that increase