EMV puts a serious dent in fraud
EMV chip cards and chip-activated merchants combat counterfeit fraud in the U.S.1
• For merchants who have completed the chip upgrade, counterfeit fraud dollars dropped 80% in September 2018 compared to September 2015.
• Over 3.1M merchant locations are now accepting chip cards. That’s a 692% increase since the beginning of EMV migration in the U.S.
• Visa chip cards have increased by 221% since September 2015, from 159 million to 511.1 million cards.
• 98% of overall U.S. payment volume in December 2018 was on EMV cards.
While Visa has been working with merchants, acquirers and fuel industry providers to support migration to the more secure EMV technology, some of the same migration challenges the industry faced when the liability shift deadline was delayed still persist to varying degrees. Visa is monitoring industry progress and attempting to proactively address marketplace realities and known challenges wherever possible, noting unique challenges for the fuel industry, including:
• U.S. regulatory requirements that do not exist anywhere else
• The complicated infrastructure and specialized technology required for automated fuel dispensers
• A shortage of service technicians to install the equipment
• A backlog in getting equipment on time
• Communication integration with the POS system
• Cost to upgrade
Connect with Evora Petroleum Solutions to discuss your EMV conversion plan today! For sales and service: 515-256-8814.
Sources:
Dover Fueling Solutions, “EMV 2021 Shifts Liability and Exposes Vulnerabilities, EMV puts a serious dent in fraud.” 2021. By Dover Corporation, Austin, TX
1 U.S. card figures are estimates based on the number of active cards per VisaNet data and operating certificates provided to Visa by client financial institutions as of the end of December 2018. Merchants that have completed an EMV transaction in the last 30 days considered chip-activated; Counterfeit fraud reduction at fully chip-enabled U.S. merchants for the quarter ended September 2018 compared to the quarter ended September 2015. Decline in counterfeit fraud dollars for all U.S. merchants in the quarter ended September 2018 compared to the quarter ended September 2015 includes chip-enabled and non-chip-enabled merchants. Fully chip-enabled merchants defined as locations where 75% of card present payment volume is chip-on-chip. Data includes both U.S.- issued credit and debit cards; Transaction number and volume based on VisaNet data for U.S. locations with chip transactions as of end December 2018. Overall U.S. payment volume on EMV cards includes transactions made on all terminals (chip-enabled and non-chip).