Visa Chip Cards Reduced Counterfeit Fraud By 87 Pct
“Chip cards are increasingly becoming the norm as usage and acceptance has continued to grow since the EMV standard was first introduced in 2011,” the company said. “That’s good news for everyone but fraudsters. The latest data shows that Visa payment cards with an embedded EMV chip has had a significant impact on counterfeit fraud, which is when criminals copy your payment card data onto a fake card and re-use it without your permission.”
Visa uses the same technology in contactless cards that it uses in chip cards, as well. Counterfeit fraud dollars for all U.S. merchants dropped too, from the period of September 2015 to March 2019. Also down were overall card-present fraud rates.
Chip cards are now accepted at more than 3.7 million merchants, whereas in September of 2015 that number was only 392,000. That’s an 825 percent increase.
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