Q&A: Dodd-Frank Amendment Could Impact Fraud

In an interview with GovInfoSecurity.com, FICO blog author and fraud expert Mike Urban spoke about the Durbin Amendment and its impact on fraud. Here's an excerpt:

The highly debated proposal from Sen. Dick Durbin, D-Ill., would amend the Dodd-Frank Wall Street Reform and Consumer Protection Act by significantly reducing interchange fees banks and credit unions collect on debit card transactions.

That reduction could impact fraud prevention investments - a reality the Federal Reserve is closely considering. But complexity and contention surrounding the debit interchange debate has complicated an already touchy issue, says Mike Urban, senior director of fraud product management at FICO, which provides card fraud analytics for financial institutions.