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Debit card fraud losses may exceed $1 billion

March 19, 2006

ePaynews: Losses from the recent, massive debit card system compromise in the U.S. could exceed $1 billion in total as the financial industry and merchants handle the ensuing card fraud and fall-out. Since January 2005, the credit card industry has had a common Payment Card Industry data-security standard, but Visa USA recently advised that only 17 percent of 231 large retailers comply with its requirements. A further 75 percent are said to have registered an initial intention to work towards PCI compliance, but 8 percent have not made any moves at all.

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Read also, System leak compromises debit cards.