Optimism high for EMV ability to reduce fraud

by: Brandon Kuehl

With the march toward EMV chip cards becoming standard in the U.S. payments system going strong, the majority of financial professionals say they believe the technology will be effective in preventing point-of-sale (POS) fraud.

In fact, the Association for Finance Professional’s “2015 Payments Fraud and Control Survey” found an overwhelming 92 percent of those surveyed are confident in the fraud mitigation capabilities of EMV chip cards.

The majority of respondents know the effects of payment card fraud first-hand. Sixty-two percent reported their organizations were targets of payments fraud in 2014. This was a slight jump from the previous two years, but still considerably lower than 2009. That year, a record 73 percent of companies were subject to attempted or actual payments fraud.

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