“Chip cards are increasingly becoming the norm as usage and acceptance have continued to grow since the EMV standard was introduced in 2011,” the company said.
“That’s good news for everyone but fraudsters. The latest data shows that Visa payment cards with embedded EMV chips significantly reduce counterfeit fraud.
Counterfeit fraud occurs when criminals copy your payment card data onto a fake card and reuse it without your permission.
Visa uses the same technology in contactless cards that it uses in chip cards. Counterfeit fraud dollars for all U.S. merchants also dropped between September 2015 and March 2019. Overall card-present fraud rates also declined during this period.
Chip cards are now accepted at more than 3.7 million merchants. In September 2015, that number was only 392,000. That represents an 825 percent increase.
For entire article please visit: https://www.pymnts.com/visa/2019/visa-chip-cards-reduced-counterfeit-fraud-by-87-pct/
