The EMV migration and fraud liability shift continue in the United States, and some issuers are still going through a natural re-issue process for both debit and credit card products to issue chip cards to their cardholders. Many national issuers implemented chip card technology utilizing a mass re-issue strategy, while a small number of issuers haven’t started issuing chip cards. Others never plan to issue chip cards as there is no mandate requiring issuers to do so. Issuers who choose to continue to issue magstripe cards instead of chip cards, and issuers who have not completed a natural re-issue, are deciding to accept the risk of the liability shift for fraudulent transactions. They are also taking the risk of losing cardholder transaction volume.
While card present fraud has declined, CNP or card not present fraud is increasing. For merchants who have implemented chip card technology terminals, counterfeit fraud has dropped 75% in March 2018 compared to December 2015.
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