Step-by-step explanation:
According to a report by Juniper Research, global losses from payment card fraud and online banking fraud are expected to reach $130 billion by 2023. This is a significant increase from the $22 billion in losses reported in 2018. In addition, a 2020 study by Javelin Strategy & Research estimated that identity fraud resulted in $16.9 billion in losses in the US alone.
It is important to note that banks typically do not disclose the exact amount of money lost due to security issues such as identity theft, hacking, and counterfeiting. This is because doing so could undermine confidence in the banking system and lead to a loss of customers.
These losses can have significant impacts on the monetary system, as they can reduce the amount of money that banks have available to lend to individuals and businesses. In addition, they can increase the cost of financial services, as banks may need to invest in additional security measures to protect against fraud.
As an individual, the effects of bank losses due to security issues may not be immediately apparent. However, these losses can ultimately impact the availability and cost of credit, which can affect your ability to obtain loans or credit cards. Additionally, banks may pass on the cost of increased security measures to customers in the form of higher fees or interest rates.