In today’s world, customers have serious concerns about the security of their personal data, particularly their credit card information—and for good reason. The 2015 Nilson Report, which provides statistics on the payment card industry, found that credit, debit and prepaid card fraud contributed to global losses in excess of $16 billion. Just in the United States, card issuers lost $4.91 billion and merchants lost $2.95 billion to fraud. What’s worse, those losses don’t include the related costs that issuers and merchants incur.
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