Elizabeth is a middle-age female who is planning to purchase a new spring wardrobe with her credit card. after the salesperson runs her credit card, elizabeth is surprised to find out that it has been denied. she has no idea how this could have happened. she has a $20,000 credit limit and has a zero balance. elizabeth realizes that a crime had been committed against her. credit card fraud, such as what elizabeth suffered, is responsible for merchant losses of per year.

Credit card fraud, such as what Elizabeth suffered, is responsible for merchant losses of 1 billion per year.

Explanation:

The losses merchants are suffering due to fraud are increasing every year. They lose revenue to fraud; it is a challenge for merchants.  The industry is trying to develop fraud techniques to detect them through technologies. With the popularity of credit card rising even more, more opportunities to fraudsters to steal are made. Even though the cost is different to each entity, and depends on the situation.

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