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Message: The New Federal Reserve Rule Will Enrich Banks for Not Preventing Fraud, Says the Merchants Payments Coalition Contact: Michael Flagg 202 253-4164 mike@hintoncommunications.com Washington, DC (July 27, 2012) – The Merchants Payments Coalition criticized the Federal Reserve for making merchants pay for fraud prevention even if banks don’t prevent fraud. Although the Fed found that merchants bear 41 percent of signature debit fraud losses and 74 percent of such losses for “card-not-present” transactions, its rules now require them to pay fees that cover 100 percent of fraud-prevention costs incurred by issuing banks. Under debit-card reform that took effect in October,… Go to http://www.unfaircreditcardfees.com