Visa: EMV Cards Drove 70% Decline in Fraud

ronjor · Feb 23, 2018

Dark Reading Staff 2/23/2018

Merchants in the United States who adopted EMV chip cards saw a 70% decline in counterfeit fraud between Dec. 2015 and Sept. 2017, according to new data from Visa.
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Palancar · Feb 23, 2018

Could this be more of a no brainer? I cannot imagine why there are still so many merchants that are using only swipe POS equipment. I just don't understand why Congress will not pick a date (e.g. May 1st) and declare no transactions will be processed without a EMV handshake thereafter. Not rocket science!

guest · May 23, 2018

New report:
Fraud Drops 76% for Merchants Using EMV, Says Visa
A new report from Visa says that the shift to chip cards has resulted in dramatically reduced credit card fraud levels.
May 23, 2018
https://www.darkreading.com/risk/fraud-drops-76--for-merchants-using-emv-says-visa-/d/d-id/1331891

According to Visa, merchants that have completed the shift to EMV cards have seen their fraud level drop by 76% from December 2015 through December 2017. Of particular note, Visa says that EMV cards have been very effective in reducing counterfeit fraud, which it calls the most common type of credit card fraud committed in the US.

By March of 2018, 97% of total credit card transactions took place using EMV cards. Since the formal shift to EMV cards, the number of cards with chips has risen from 159 million in September 2015 to 483.6 million in March 2018.

Read more details here.
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guest · Aug 10, 2019

Visa Checkout to shut down in 2020
The PayPal competitor is migrating to a new payment system
August 9, 2019
https://www.engadget.com/2019/08/09/visa-checkout-to-shut-down-in-2020/

Visa is completely rehauling its online payment system to add more security. 9to5 Google reports today that Visa Checkout, a competitor to Paypal which integrated with the Google Pay digital wallet, is shutting down in 2020.

The search giant confirmed to 9to5 Google that Visa is migrating to a new solution based on EMV SRC. Such a move would allow Visa customers to use a newly expanded Visa Token system, which secures sensitive user information (such as account numbers and credit card expiration dates) with a digital identifier. That way, customers would have an extra line of defense in the case of a data breach.
Visa will begin rolling out its new EMV SRC to customers in the next few months, but full migration won't happen until next year.
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Minimalist · Aug 20, 2019

Visa Announces New Payment Security Services to Prevent Fraud

Business and financial institutions received a helping hand today when Visa announced a suite of new industry-first payment security services and capabilities to prevent and disrupt payment fraud. The new capabilities are available to Visa clients at no additional cost or signup.
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https://www.infosecurity-magazine.com/news/visa-announces-new-payment/

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Visa: EMV Cards Drove 70% Decline in Fraud

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