Debit card fraud has been a massive threat in the US and globally with the continued rise in the transaction volumes. As per a recent study, approximately 18.2 Billion debit card payments is predicted for 2026 which is 57% more than 2016. As a result, card fraud is expected to cross $10 Billion by 2020. Experts see the problem as a consequence of the late and partial adoption of EMV standards technology. The value of online fraudulent transactions is also expected to reach $25.6 Billion by 2020, up from $10.7 Billion in 2015. This means that by the end of the decade, $4 in every $1,000 of online payments will be fraudulent, a new study from Juniper Research reports.
The Immediate Threat – Rising Card Reissuance Cost
It is high time for financial institutions (FIs) to decide that the cost of fraud associated with a compromised card should not outweigh the cost of reissuance for a card that has not experienced fraud. QPS fraud prevention services help and ensure that you don’t face an unnecessary card reissuance cost to avert fraud risk.
FIs must decide if the expected costs associated with fraud on a compromised card will outweigh the cost of re-issuance for a card that has not yet experienced fraud. In the American Bankers Association Target Breach Impact Survey, respondents indicated that the average loss per fraudulently used debit card was $311 and credit card losses were even higher with an average loss per credit card of $530.
QPS Protects FIs By Providing End-to-End Solution For Combating Fraud
QPS Solution = Real Time Transaction Monitoring + Human Eye Review + Machine Intelligence
QPS offers multi-layered, integrated and a robust suite of fraud prevention for protecting your debit card customers. It is bundled with 100% real time transaction monitoring layered with highly reliable human eye intervention. Cross-trained fraud prevention analysts at QPS are fully compliant with all the rules and regulations used for payer authentication, helping businesses reduce fraud losses, maximize revenue and shrink operational costs.
QPS’s risk behavior analytics designed for fraud mitigation tells you about the following high-risk behavior:
QPS invests heavily on maintaining the latest encryption tools supported by secure socket layering (SSL) for ensuring highly protected ecosystem. The fraud mitigation solution is designed to help build fraud-free engagements with customers at every point of contact.
Our solution for debit card fraud gets consistently updated to deal with new trends and technics used by fraudsters. It is powered by machine learning technology that helps fraud prevention analysts to react quickly ensuring that the system remains updated to protect your customers against the latest threats. Human eye review plays an overriding role in assuring 100% protection as fraudsters are getting clever enough to trick machine intelligence.