Data Shows EMV Transition Is Working to Reduce Fraud
You’d be hard pressed to find a retailer who thought the transition to EMV cards last October has been a smooth one. Despite the bumpy rollout, recent data from Visa shows that it has been worth it.
The new payment technology has made a significant dent in the percentage of counterfeit fraud within the last year in the United States. In fact, among 25 merchants who were suffering the most instances of counterfeit at the end of 2014, five that began using chip-and-pin technology saw infractions fall by roughly 18% as of the final quarter of 2015 according to Visa. However, five of those merchants who did not implement EMV technology saw an increase of 11.4% in counterfeit transactions. Those numbers prove EMV is working, but we have more work to do.
According to MasterCard, more than one million merchant locations, about 20%, are now processing chip-and-pin cards. However, with roughly 80% of the market that has yet to transition to the technology, merchants who have still yet to comply are now liable for credit card fraud.
The transition to EMV technology could seem like a burden to retailers, but if done correctly, it could significantly increase security for them and their customers. There are several steps to consider when migrating to chip-and-pin, and that’s why we have put together a checklist that merchants can refer to.
You can download our Chip-and-Pin Migration checklist online at the Panasonic Retail Solutions landing page and get started.