Chip technology helps reduce counterfeit fraud by 76 percent
Acceptance of EMV® chip cards among merchants continues to grow.
Swiping a card these days seems like a thing of the past as more EMV chip cards enter the wallets of U.S. cardholders. There were 509 million Visa chip cards out there alone at the end of March 2019, a 219 percent increase since October 1, 2015. And, according to the latest stats, that’s a good thing.
Merchants who accept chip cards witnessed a 76 percent dip in card present (CP) counterfeit payment fraud since the U.S. payments industry began the shift to EMV chip (which stands for Europay, Mastercard and Visa, the three companies who led the initiative) in 2011.[1] One of the leading factors encouraging the adoption of chip technology in 2015 was its effectiveness in reducing counterfeit fraud, which was the primary type of fraud in the United States at the time.
As of the end of March 2019, Visa’s network has shown continued growth across the number of chip cards and chip-enabled merchants, as well as payment and transaction volume since before the shift to EMV chip launched in October 2015.
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