As a former FBI Special Agent and a current forensic accounting professor, I have spent my career studying financial fraud. That is why I am so concerned about the Department of Justice’s (DOJ) recent lawsuit against Visa’s debit card business. By attacking Visa’s ability to charge fees that help fund its extensive fraud prevention measures, the DOJ is misunderstanding the market and putting millions of Americans at increased risk of financial fraud. Worst of all, the DOJ is setting a precedent in the payment industry for prioritizing cost-saving over customer security.
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