Payment card issuers, merchants, acquirers of card transactions from merchants, and acquirers of card transactions at automated teller machines (ATMs) incur losses to fraud. Last year, gross fraud losses reached $22.80 billion, up 4.4% over 2015. Costs incurred by issuers, merchants, and acquirers for their operations, call centers, and chargeback management are not included in that amount. Fraud is measured against the total worldwide volume of goods and services purchased combined with cash advances and withdrawals from credit, debit, and prepaid card products. Total volume is generated b...