April is Financial Literacy Month, created to educate Americans about their personal finances and help them achieve financial wellness.
One of the greatest risks to good financial health is the ever-present threat of fraud. In today’s digital world it can be all too easy to fall victim to card fraud in particular, hurting consumers, denting their trust, and costing U.S. card issuers $8 billion annually.
While the advent of EMV cards has led to significant strides in combating in-store fraudulent transactions, EMV is only a partial answer in the overall war against fraud as it does not mitigate card not present (CNP) fraud.
In fact, because of the positive impact of EMV, a large percentage of fraud is moving to CNP transactions.
Here are three ways to empower members to help you combat card fraud.
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