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Visa reports 66% drop in fraud at US merchants equipped to accept chip cards

Counterfeit fraud at US chip-enabled merchants down 66% — Visa — “With EMV chip transactions continuing to grow in the US, counterfeit fraud volume decreased 66% at chip-enabled merchants in June 2017 compared to June 2015. US financial institutions have issued 462m chip cards to consumers, and 2.5m, or 55% of US storefronts, accept chip cards.”

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  1. They just moved the fraud. As long as the account number is in the clear on the magnetic stripe on the EMV card and is acceptable at (e.g., online) merchants, the fundamental vulnerability remains. EMV will just move the fraud. Even those merchants that are EMV capable also accept mag-stripe for reasons of backward compatibility. The industry has yet to ship the first card without a mag-stripe, much less announced when they will ship the last one.

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