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The Board of Governors of the Federal Reserve System published a report on the volume and value, interchange fee revenue, issuer costs, and fraud losses related to debit card transactions in 2013. This is the third report in a series that is to be published every two years pursuant to section 920 of the Electronic Fund Transfer Act ("EFTA"). The Board estimated debit-card fraud losses to merchants, cardholders and issuers to be $1.57 billion in 2013, with an average loss in share transaction value of approximately 8 basis points - a slight increase since 2011. The report also noted that