As the payments industry evolves, fraud is becoming a growing issue, experts told bankers at the Federal Reserve Bank of Chicago Payments Symposium 2012 Tuesday.
Beyond any immediate losses, fraud is a large issue for banks because they have lost much of their traditional business to non-banks, with payments being a notable exception. But competitors such as PayPal, Square, a wide variety of mobile wallet providers and others are making inroads.
But an issue with some of these newer providers is that they don’t have the history....