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Economic Perspectives, Vol. 33, 2009
Fraud Containment
Fraud is an unfortunate aspect of the technical efficiency of the payment system, which is measured by the quality of its operational performance and cost. Fraud degrades operational performance and increases cost—not only for the parties to the transaction(s) whose payments are disrupted, but for the payment system as a whole. Indeed, any serious consideration of payments fraud must account not only for the readily measurable business and consumer impacts of such fraud, but also for impacts on the performance and cost efficiency of the payment system.
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