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"The GAO confirmed key problems that we have raised about credit card interchange fees, also known as 'swipe' fees," said Lyle Beckwith, NACS senior vice president of government relations. "They found that the 10 largest banks have a stranglehold on this market, have used it to raise their fees, which all consumers pay, and that small businesses and low-income, cash-paying consumers get the worst deal from this arrangement."

"And though Visa and MasterCard claim that swipe fees have not been increasing, and that credit card use increases sales for merchants, the GAO report solidly debunks both of those claims," said Beckwith. "The GAO report should sound the alarm that it is time for Congress to reform swipe fees."

The GAO report confirmed many of the most harmful aspects of unfair, hidden fees swipe fees that are incurred every time a consumer pays by debit or credit card. The report shows that the credit card companies and their issuing banks mislead the public about their increasing rates and about the benefits of credit cards to businesses. The report also outlines an unfair, anti-competitive system that hurts Main Street businesses and their customers in order to pad the banks' bottom lines, with little relation to the actual costs of processing payments.

The report makes it clear that, unless Congress acts to bring competition and transparency into the interchange system, the big banks and credit card companies will keep lining their pockets at the expense of small businesses and consumers nationwide.

Today's GAO report concludes that consumers could be harmed if Congress acts to lower what merchants pay to accept debit and credit.

As the GAO noted in its report, merchants receive myriad benefits when they accept debit and credit cards, including increased sales and reduced labor costs. But giant retailers have been lobbying Congress to pay less than their fair share, and have their customers pay for these fees instead.

The GAO's report leads to a clear conclusion: current interchange legislation places the needs of giant retailers over the needs of consumers. We urge Members of Congress to protect the interests of their constituents, and to oppose harmful interchange legislation.

• Digital Transactions: Reducing Interchange Would ‘Pose Challenges,’ the GAO Says
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• Venture Capital Dispatch - WSJ: As Congress Targets Overdraft Fees, Ready Financial Pounces
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• India: Mobile, and Internet and Card based electronic payments technologies to jointly contribute in the financial systematic stability inclusion
• BBC: Germany in 'credit card recall'
• The Bancorp Bank and InsurCard Team Up to Issue The InsurCard Visa® Prepaid Card for Franklin Mutual Insurance
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• National Bancard Corp.(NaBanco) v. Visa USA, Inc., 779 F. 2d 592 - US: Court of Appeals, 11th Circuit 1986
• US v. Visa USA, Inc., 163 F. Supp. 2d 322 - US: Dist. Court, SD New York 2001
• In re Visa Check/MasterMoney Antitrust Litigation, 280 F. 3d 124 - US: Court of Appeals, 2nd Circuit 2001
• SCFC ILC, Inc. v. Visa USA, Inc., 36 F. 3d 958 - US: Court of Appeals, 10th Circuit 1994
• Wal-Mart Stores, Inc. v. Visa USA, Inc., 396 F. 3d 96 - US: Court of Appeals, 2nd Circuit 2005

• GSMA Completes First Phase of Smart SIM Initiative
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• It's Your Money - TIME.com: Fed’s Next Target: Gift Card Fees
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• Pasadena Star-News: Credit card debt becoming more and more unaffordable
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• Bild.de: Europe biggest-ever credit card fraud - Banks replacing thousands in scam
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"This conference explored the changing retail payments landscape and assessed the extent to which central bank payments policies should correspondingly be altered. The conference brought together three principal audiences – industry participants, policy makers, and academics – for an exchange of views and thoughts."

"Questions addressed included: How do payments markets differ from other markets? How do consumer preferences impact industry outcomes? Are payments markets sufficiently competitive and safe? If not, what private and public policies would be beneficial? Should central bank policies to ensure smoothly-functioning payments systems be adapted in light of the dynamic changes underway? More specifically, what role should central banks play as operators and overseers in the retail payments system of the future."

The report finds significant variations in losses between France, Netherlands, Spain and UK with losses much higher on internet and international transactions. The report suggests there is an "urgent need to complete roll-out of EMV and continue implementation of online security measures."

Taking Visa Europe’s figures as a barometer for the region as a whole, card fraud losses fell from 0.07% (7 basis points) of card turnover in 2007 to 0.06% in 2008. But comparing national figures for France, Spain, Netherlands and the UK, losses ranged from fewer than 3 basis points of card turnover in Spain to 10 basis points in the UK.

Further, the picture is not static. In Holland, which historically had one of the lowest levels of card fraud in Europe, the loss rate has risen almost threefold during the last four years. With Dutch debit card transactions still 100% based on magnetic-stripe cards, losses continue to rise due to skimming. In contrast, UK figures for first half of 2009 show total card fraud losses down 23% to £232.8 million.

You can download the full report here.

The latest American Express Spending & Saving Tracker, the third in a monthly series, reports about consumers’ views on the economy, what they plan to spend on and what motivates them to spend or save. The research sample of 2011 adults included the general U.S. population, as well as two subgroups – the affluent and young professionals.