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Payment Card Fraud Rates in the United States Relative to Other Countries since Migrating to Chip Cards

Author

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  • Fumiko Hayashi

Abstract

The United States has lagged somewhat behind other countries in implementing steps to mitigate payment card fraud, such as chip card technology and personal identification numbers. Small delays in implementing fraud mitigation strategies could translate to large fraud losses relative to other countries. Although comparing fraud rates across countries can be challenging, Fumiko Hayashi examines payment card fraud rates in the United States along with three countries with the best available data?Australia, France, and the United Kingdom?and finds that the United States has the highest overall fraud rate. Even after migrating to chip card technology, the United States has a significantly higher in-person fraud rate than all three countries but a lower remote fraud rate than Australia and France. Fewer safeguards and differences in prevalent types of transactions may help explain this.

Suggested Citation

  • Fumiko Hayashi, 2019. "Payment Card Fraud Rates in the United States Relative to Other Countries since Migrating to Chip Cards," Economic Review, Federal Reserve Bank of Kansas City, vol. 0(Q IV), pages 23-40.
    • Handle: RePEc:fip:fedker:00083
    DOI: 10.18651/ER/4q19Hayashi
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    Citations

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    Cited by:

    1. Cologgi, Massimiliano, 2023. "The impact of regulation on retail payments security: Evidence from Italian supervisory data," Finance Research Letters, Elsevier, vol. 54(C).
    2. Massimiliano Cologgi, 2023. "The security of retail payment instruments: evidence from supervisory data," Temi di discussione (Economic working papers) 30, Bank of Italy, Economic Research and International Relations Area.

    More about this item

    Keywords

    Card Fraud; Payment Fraud Rates; Payments; Credit Cards; Debit Cards;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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