FGRRF - Card fraud losses seen rising with card transaction volume: Nilson report

Card fraud losses worldwide touched $27.85B in 2018 (vs. $23.97B in 2017) and are projected to rise to $35.67B in five years and $40.63B in 10 years, according to The Nilson Report, as pointed out by SmartMetric (SMME), which makes finerprint-activated credit and debit cards.On a positive note, fraud losses per $100 of total sales declined to 6.86¢ in 2018 from 6.95¢ the prior year.Total credit, debit and other payment card transaction volume is seen at $57.08T by 2023 with gross card fraud projected to reach $35.67B.By 2027, total card transactions are expected to total $71.59T.Estimated biometric credit/debit cards worldwide over the next few years will exceed 500M cards, an independent research company states; 9B+ credit/debit chip-based cards have been issued globally, industry figures indicate.Current manufacturing capacity of the SmartMetric biometric credit/debit card is 1M+ cards/month.A separate Nilson report indicates that purchase volume on Mastercard (MA) and Visa (V) cards grew 10.9%

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Card fraud losses seen rising with card transaction volume: Nilson report