Criminals target signature-based debit cards for fraud attempts far more than any other payment method, according to new findings from the Federal Reserve Bank of Minneapolis.
The Minneapolis Fed’s survey last summer, which garnered responses from 283 banks and credit unions across the country, found that more than 90% of respondents ranked signature-debit cards among the top three payment types attracting fraud attempts at their institution in 2016, regardless of whether any loss actually occurred. Specifically, 68% of respondents ranked signature debit cards first when asked about fraud attempts. Some 18% ranked the cards second for attempts, and 5% ranked them third.