> 1992:  $2.6B
> 2003:  $882M
> 2004:  $788M
> We're on the order of 4.7 cents on the $100.

I consulted an oracle at a major third party
processor.  He said the number is more like
64-67 basis points, that you have to be very
precise about your definitions, i.e., very
precise about what goes in the numerator and
what goes in the denominator.  For example, 
if a dishonored transaction is the merchant's
fault and the merchant has to foot the bill
then the card association has not had a fraud
loss.  I doubt it is actually germane to this
list, but I can go back to said oracle if

BTW, if you ever have the opportunity to hear
Frank Abagnale's discussion of check forgery
by all means do so.


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