Interchange fees protect consumers from data breaches
Every year, consumers spend $6.7 trillion using credit and debit cards.12018 Nilson Report Databases containing these transactions are a treasure trove of information for cyber thieves and dark web data merchants.
The growing cost of data breaches
- 15 billion consumer records are available for sale to bad actors
- Fraud rates have doubled since 201122 Interchange Fee Revenue, Covered Issuer Costs, and Covered Issuer and Merchant Fraud Losses Related to Debit Card Transactions. Board of Governors of the Federal Reserve System (May 2021).
- 300+ million individuals were affected by data breaches in 2020
- Credit unions pay an average of 8.6¢ per transaction to protect consumers from data breaches
Protecting consumers, merchants, and local financial institutions
86% of people say that they use credit cards because they feel their personal information is secure from data breaches. The small interchange fee that retailers pay helps provide the robust security that consumers like you count on.
Interchange fees pay for:
- Fraud detection software and staff
- Identity theft protection for affected consumers
- Replacement cards for compromised accounts
- Education programs to support consumers in the event of a breach
Retailers are asking Congress to slash the interchange fees that protect you. Don’t let them prioritize their profits over your personal safety.
Call on Congress to protect your card by preserving interchange fees that help keep you safe from cyber criminals.