I took the 1% from you, assuming you got it from somewhere reliable or at least that you believed in it. (I looked for it in the report summary; I didn't find it; I assumed you got it from the full report, which I don't have access to.)
If the correct figure is 0.08%, that's almost $41B on $51T (more now, as the network volume continues to grow).
Sure. Thanks for correcting me and sorry for the inconsistent number at first. It wasn't easy to find numbers since most just retold the original mentioned article without absolute numbers.
But the entire fraud /year is way less percentage then this sole scam from the entire Bitcoin market cap valued against its peak.
So his comment is actually a net positive for traditional payments ( even if you neglect insurance, ... )
FWIW, 0.08 basis points = 0.0008% = 0.000008 = 8 in a million = 8 cents in a million cents = 8 cents in 10,000$, as the article says. (0.08% would be 100x more.)
No worries. Basis points are somewhat weird if one is not used to them, and the article is a bit cheeky in that it mixes cents and dollars, making it extra confusing.
21 Billion per year is close to the annual ACH transaction volume measured in count of transactions.
The total value of those transactions in dollars is somewhere over $50T (Trillion) dollars.
1% of that is $500B.