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CU System
Study FIs identify fraud as top debit concern
DALLAS (8/19/10)--About 71% of financial institutions in the electronic payments industry identified fraud as their main concern related to debit cards, according to a recent SWACHA study. SWACHA, an electronic payments resource, commissioned a study among its members, which includes credit unions, to identify concerns associated with debit card use (Transactiondirectory.com Aug. 17). Nearly 43% of those surveyed said they spent up to 40 or more hours in 2009 dealing with fraud--specifically, with fraud from skimmers and data breaches. More than 19.2% of respondents spent up to $50,000 with the cases. SWACHA said it plans to offer additional educational resources to help its member financial institutions mitigate fraud risks.


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