Re: Surging Losses, but Few Victims in Data Breaches

[blitz <blitz () strikenet kicks-ass net>]

IF, you believe them....making this number look small is a way to 
keep faith in their payment systems up. Creative accounting isn't 
new, and especially when they're the beneficiary of it. With card 
companies charging rates that border on usery, they can hide a LOT!

At 11:55 9/27/2006, you wrote:
> http://www.nytimes.com/2006/09/27/technology/circuits/27lost.htm   (reg. req.)
>
>
> [... ]
>
>
> Regardless of the data breach, a rise in financial fraud has not
> surfaced. Visa and MasterCard report that about 2 percent of the card
> accounts lost or stolen in the last 18 months have been used to make
> fraudulent purchases. That is within the range of the 1.5 percent and
> 4 percent of consumers who reported being victims of financial fraud
> or identity theft, surveys say.
>
> Card companies say that fraud losses in 2005 over all were about 6
> cents per $100 for merchandise bought on credit, a low level that has
> varied little in the last few years. (Numbers were much higher years
> ago; for example, in 1992, losses accounted for nearly 16 cents per
> $100 for merchandise bought on credit.)
>
> "The amount of fraud from these data breaches is remarkably small,"
> said Chris Thom, the chief risk officer for MasterCard.
>
> [... ]
>
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