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Visa: EMV Cards Drove 70% Decline in Fraud
Merchants who adopted chip technology saw a sharp decline in counterfeit fraud between 2015 and 2017, Visa reports.
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Merchants in the United States who adopted EMV chip cards saw a 70% decline in counterfeit fraud between Dec. 2015 and Sept. 2017, according to new data from Visa.
The payment card company began shifting to chip cards in 2011 to reduce counterfeit fraud, the most common type in the US at the time. More than 2.7 million merchant locations now accept chip cards, which marks a 578% increase from the 392,000 accepting them in Sept. 2015. Nearly 60% of US storefronts take chip cards.
User adoption has increased as well. In Sept. 2015, there were 159 million Visa chip cards in the US. By Dec. 2017 that number reached 481 million, and 67% of Visa credit and debit cards are chip-enabled. Nearly all (96%) of US payments in December were done with EMV chip cards.
Read more details here.
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