Chips Cutting Counterfeit Credit Card Fraud By 75%

MoneyTips

EMV cards, otherwise known as "chip" cards for the embedded information chips they contain, were touted as the next great advancement in credit card security. According to a new study from Visa, EMV cards have lived up to their promise.

Visa discovered that as of March 2018, counterfeit credit card fraud is down 46% for all U.S. merchants compared to September 2015 – but for merchants who have completed the upgrade to EMV chip readers, counterfeit credit card fraud is down 75%. That's a significant improvement over 2017's 50% decrease from 2015 fraud levels.

Decreasing fraud correlates with the greater acceptance of EMV cards. As of June 2018, 3.1 million merchant locations – approximately two-thirds of U.S. storefronts – accepted chip cards for payment. Fewer than 400,000 merchants accepted chip cards in September 2015.

Visa claims tha...

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