Chip-and-PIN Card Tech Lead to 70% Drop in Counterfeit Fraud

The introduction of chip-and-PIN card technology in the United States improved in a significant way the security of merchants and has reduced payment card fraud.

The cases of counterfeit fraud had dropped by 70% in September 2017 compared to December 2015 thanks to the diffusion of the diffusion in the storefronts of payment systems for EMV cards.

“For merchants who have completed the chip upgrade, counterfeit fraud dollars
EMV chip cards and chip-activated merchants combat counterfeit fraud in the U.S.
December 2017 Visa Chip Card Update in September 2017 compared to December 2015″ states VISA.

The process started in 2011 with the introduction of EMV (Europay, MasterCard, Visa) card technology in the United States.

The process was very slow, according to Visa, by September 2015, only roughly 392,000 merchants were accepting payment card using the new technology. at the same period, the number of Visa debit and credit cards using the EMV technology was only at 159 million.

Now Visa has shared data related to the adoption of the EMV technology by December 2017. The number of storefronts that currently accept payments with chip cars has reached 2.7 million in the U.S. (+570%), representing 59% of the total.

The number of Visa payment cards using EMV technology increased passed from 159 million to 481 million (202%), with 67% of Visa payment cards having chips.

It is an excellent result, according to VISA Chip transactions continue to increase in the US. EMV cards accounted for 96% of the overall payment volume in the United States in December 2017, with chip payment volume reaching $78 billion.

Cybercriminals have responded to the adoption of EMV chip cards focusing their efforts on card-not-present (CNP) fraud had that is today a serious concern for merchants.