“Payments fraud is an ever-changing beast, with fraudsters and law enforcement officials effectively playing a game of personal finance one-upmanship. Not only do consumers feel the need to worry about the traditional means by which criminals might gain access to their funds such as shoulder surfing at ATMs, technology that makes it easy to copy ones physical credit card, and pickpocketing but we must also consider the likes of computer and database hacking. There have been a number of high-profile cases in the past few years where a companys firewall has been breached, resulting in the theft and ultimate sale of millions of consumers financial information. Even so, cumulative fraud losses only amounted to about $0.09 per $100 in credit card and debit card transactions during 2006, according to the Federal Reserve Bank of Kansas City.”
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