EMV

Visa: Chip Cards Reduce Counterfeit Fraud At U.S. Merchants By 75%

Data released by Visa showed that counterfeit fraud ticked down at U.S. merchants by 75 percent from September 2015 to March 2018 as more storefronts started accepting chip cards.

To that end, Visa said that, as of its latest “Visa Chip Card Update,” as many as 67 percent of storefronts in the United States now accept chip cards.

The company further elaborated that counterfeit fraud dollars at all U.S. merchants slipped 46 percent.

EMV decreased credit card fraud by 66% in US, reports Visa

Visa recently published a report revealing that US merchants that completed the chip upgrade have registered a whopping 66% decline counterfeit fraud in June 2017 compared to June 2015.

According to the report, more than 2.3 million merchants, or 55% of storefronts in the US, are currently accepting chip cards, a surge of 542% since the beginning of EMV migration in the country.

As Gas Station Card Fraud Increases, here’s how to cut your Risk

Skimmers at gas pumps are a growing threat and the use of skimmers by fraudsters to steal credit card information is on the rise. 

With the three-year extension to update your dispensers with chip-card readers, card skimmers will continue to be a threat until at least October 2020 when liability shifts to the party that does not enable EMV during the fraudulent transaction.

To protect your sites and your consumers, consider doing the following on a daily basis:

EMV Today

October 1, 2017, marked two years since the October 1, 2015, EMV liability shift took place at the Point-of-Sale (POS).  Hardware and software upgrades should have already been made to your POS, allowing you to accept EMV cards and providing you with protection from counterfeit transaction liability.

EMV At The Pump Now Live for Gilbarco

The first EMV chip transactions have now occurred in the U.S. 

If your Gilbarco dispenser is EMV-ready, turning on EMV at the dispenser only requires a simple Passport software upgrade.  Industry research suggests that up to half of the gallons pumped in the U.S. in 2018 will be from EMV enabled dispensers – dispensers that have EMV hardware installed and need only a POS or minor dispenser upgrade.

Why this matters?

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