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Industry News

Report suggests debit cards more secure than credit cards

By Kristen Lawrence

10/02/2010 - Debit cards may be safer than credit cards when it comes to the risk of identity fraud, according to a new report from Javelin Strategy & Research.

The study, released Wednesday, looked at identity fraud activity in the U.S. in 2009, though the results are likely indicative of a trend that is not limited to the U.S.

According to Javelin, the number of card fraud incidents that came from credit cards rose 12 percent over 2008's figure, and now represents 75 percent of all card fraud. Meanwhile, debit card fraud decreased by 2 percent and represents 33 percent of card fraud last year.

In addition, opening credit cards was a popular result of identity fraud, no matter what the cause - the report found that the number of fraudulent new credit card accounts rose from 33 percent of all identity fraud victims in 2008 to 39 percent in 2009.

Increased security offered by debit cards has recently been cited as one of the major reasons that credit card processing has lost market share to debit card processing, as consumers shift away from debt and toward debit cards. Businesses are therefore encouraged to offer both debit and credit card processing.ADNFCR-2514-ID-19609275-ADNFCR

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