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EMV Technology In Credit and Debit Cards Reducing Counterfeit Fraud, Says Visa

An anonymous reader cites an article on USA Today: The new chip-enabled cards flowing into the U.S. marketplace have already made a dent in fraud, with some of the biggest merchants seeing a dip of more than 18% in counterfeit transactions, according to Visa. Among the 25 merchants who were suffering the most instances of counterfeit fraud at the end of 2014, five that began processing credit and debit cards equipped with the new EMV technology saw those infractions fall 18.3% as of the final quarter of 2015, says Stephanie Ericksen, vice president of risk products at Visa. Meanwhile, five of those merchants who were not yet equipped to handle chip-enabled cards saw an increase in fraudulent transactions of 11.4%. “We’re seeing EMV is having a positive impact on counterfeit fraud,” Ericksen says. “Merchants who implement chip, their counterfeit fraud is going down, while those still finalizing plans, their counterfeit fraud is going up.”Also from the report, “Visa on Tuesday also announced a software upgrade that will shave the amount of time spent on chip card transactions. With ‘Quick Chip,’ consumers can dip their chip cards into the terminal and withdraw it in two seconds or less, instead of waiting until their purchase is authorized. The consumer can ‘put the card in the terminal and put it right back in your wallet and . . . move to get their coffee, or hamburger or start bagging their groceries,’ Ericksen says. Ars Technica has more details.

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