Credit

The Social Cost of Fraud

Conventional wisdom in the card payments space is that fraud hurts us all -- banks, processors, merchants, and consumers. This virtual axiom is often invoked by pundits and experts in the immediate aftermath of card data breaches, such as the recent one at Global Payments, Inc. More rarely encountered is a deep discussion of the long-term impact of data breaches and the social costs of the resulting card fraud.

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