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.