Learn about online payment fraud.
(Photo: Next BigFuture)A new report from Next Big Futures has identified the biggest offenders of online payments fraud, with many of the largest banks having the most to lose.
The new report, which was released Wednesday, says that in fiscal year 2019, there were more than 7 million fraudulent payments that were made to more than 1 billion consumers.
That’s up from 6 million in fiscal 2016 and 5 million in the prior year.
The study found that banks, credit card issuers and payment processing companies accounted for nearly 80% of the fraud in the U.S. that year.
The report doesn’t offer any specific numbers for credit card companies, but the report says their share was more than double that of debit card companies.
The report also found that the most popular payment method by far was debit card.
Consumers were the most likely to report receiving unauthorized or fraudulent debit card payments.
More:The report was based on data collected in late 2018 by the Federal Trade Commission, the U,S.
Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency.
It is part of Next Big Forests annual fraud report.
“These findings are particularly alarming given the importance of financial information for consumers and businesses to be protected from fraudulent transactions,” the report states.
It goes on to note that “many of the large banks, financial institutions and payment processors that are implicated are among the most prominent in their states and territories.”
The report said the largest payment processors in the United States were Bank of America Corp., Discover Financial Corp. and Wells Fargo & Bank of New York Mellon Corp.
The biggest banks were found to be the leading culprits of online payment-related fraud, according to the report.
The biggest offenders are Chase Manhattan Bank, Chase Bank USA, Wells Fargo Bank, Citigroup Inc., National Association of Realtors, JPMorgan Chase & ; Bank of National Association and U.K. Royal Bank of Scotland.
More than 10,000 banks and credit card processors were named in the report, but only 7,000 of them had an active fraud prevention program at the time.
The number of fraud reports generated by the U-TIGS report, released Wednesday morning, was a record.
The U.TIGs report found that fraud rates have fallen sharply since the first financial crisis, but that they have continued to increase.
In fiscal year 2017, there was a 6% increase in the number of online fraud reports.
In the first quarter of 2018, the number had jumped to 7% with no sign of a return.
In fiscal year 2018, fraud rates fell to 5.5%, but the UTS report noted that in the same period, the total number of fraudulent transactions increased by 7.8%.
The report comes on the heels of another financial-services-related report from the Federal Reserve Bank of Minneapolis.
In January, the Fed announced that it would begin its own investigation into the financial-fraud problem in the banking sector.