Page 12 - GS140101
P. 12
Chapter
Chapter
ChapterTitleTitleTitleNews
expanding at an annual rate of
7.6 percent and from 21.0 billion
The migration to card payments has not been transactions in 2009 to 26.2 billion
in 2012.
without costs, most notably fraud. The Fed
estimated 31.1 million fraudulent transactions General purpose credit card
use increased 6.8 percent a year
valued at $6.1 billion occurred in 2012. between 2009 and 2012, when
cardholders made 26.2 billion credit
card payments. At an estimated 47.0
billion, debit cards were by far the
mobile phone camera or other remote deposit capture option. These are just most popular noncash payment
a few of the high-level findings from the Federal Reserve's recently released option in 2012.
payments study.
Meanwhile, growth of prepaid debit
The 2013 Federal Reserve Payments Study is the fifth in a triennial series the Fed cards (both the open- and closed-
undertook to get a better handle on payment trends. Excluding wire transfers, loop varieties) outpaced all other
the study revealed that Americans made an estimated 122.8 billion noncash noncash payments, advancing 15.8
payments in 2012, totaling an estimated $79.0 trillion. This represents an percent a year to total 9.2 billion in
annual growth rate of 4.4 percent between 2009 (the data collection period 2012.
for the Fed's 2010 payment study) and 2012. The growth rate was short of the New stats on fraud
average annual rate of 4.7 percent charted for the 10-year period ending in
2012, the Fed said. The migration to card payments
has not been without costs, most
The use of general purpose and private-label credit cards by U.S. consumers, notably fraud. The Fed estimated
which had declined slightly between 2006 and 2009, returned to growth status, 31.1 million fraudulent transactions
valued at $6.1 billion occurred in
2012, and that fraud rates for credit
and signature debit cards (both
number and value of transactions)
were "substantially higher" than
for any other noncash payment
instrument.
The new study marks the first time
the Fed has published payment
fraud data. But comparing the Fed's
data to other past data collection
efforts offers some insights. For
example, the American Bankers
Association publishes data every
three years on demand deposit
account (DDA) fraud, and in 2010,
fraud against DDAs totaled $893
million, according to that data.
The 2013 Federal Reserve Payments
Study includes data from three
related collection efforts: a survey
of banks and credit unions; surveys
of card issuers, processors and
networks; and a random sample of
checks cleared through a group of
large banks.
The document presented only
preliminary findings. A detailed
report is due out in 2014.
12
12
12
Chapter
ChapterTitleTitleTitleNews
expanding at an annual rate of
7.6 percent and from 21.0 billion
The migration to card payments has not been transactions in 2009 to 26.2 billion
in 2012.
without costs, most notably fraud. The Fed
estimated 31.1 million fraudulent transactions General purpose credit card
use increased 6.8 percent a year
valued at $6.1 billion occurred in 2012. between 2009 and 2012, when
cardholders made 26.2 billion credit
card payments. At an estimated 47.0
billion, debit cards were by far the
mobile phone camera or other remote deposit capture option. These are just most popular noncash payment
a few of the high-level findings from the Federal Reserve's recently released option in 2012.
payments study.
Meanwhile, growth of prepaid debit
The 2013 Federal Reserve Payments Study is the fifth in a triennial series the Fed cards (both the open- and closed-
undertook to get a better handle on payment trends. Excluding wire transfers, loop varieties) outpaced all other
the study revealed that Americans made an estimated 122.8 billion noncash noncash payments, advancing 15.8
payments in 2012, totaling an estimated $79.0 trillion. This represents an percent a year to total 9.2 billion in
annual growth rate of 4.4 percent between 2009 (the data collection period 2012.
for the Fed's 2010 payment study) and 2012. The growth rate was short of the New stats on fraud
average annual rate of 4.7 percent charted for the 10-year period ending in
2012, the Fed said. The migration to card payments
has not been without costs, most
The use of general purpose and private-label credit cards by U.S. consumers, notably fraud. The Fed estimated
which had declined slightly between 2006 and 2009, returned to growth status, 31.1 million fraudulent transactions
valued at $6.1 billion occurred in
2012, and that fraud rates for credit
and signature debit cards (both
number and value of transactions)
were "substantially higher" than
for any other noncash payment
instrument.
The new study marks the first time
the Fed has published payment
fraud data. But comparing the Fed's
data to other past data collection
efforts offers some insights. For
example, the American Bankers
Association publishes data every
three years on demand deposit
account (DDA) fraud, and in 2010,
fraud against DDAs totaled $893
million, according to that data.
The 2013 Federal Reserve Payments
Study includes data from three
related collection efforts: a survey
of banks and credit unions; surveys
of card issuers, processors and
networks; and a random sample of
checks cleared through a group of
large banks.
The document presented only
preliminary findings. A detailed
report is due out in 2014.
12
12
12
