Chip-enabled cards lead to a decrease in fraudulent transactions in US

Credit and debit cards with embedded microchips have finally begun to become widely available in the US and, according to Visa, they have already prevented a great deal of fraud with some large merchants seeing an 18 percent decrease in counterfeit transactions. The company noted that 25 merchants had suffered heavily from fraud in 2014. Five of them decided to begin processing credit and debit cards equipped with EMV (Europay, MasterCard and Visa) technology and this led to an 18.3 percent decrease in fraud. Another five of those merchants did not have the necessary equipment to utilize chip-enabled cards and… [Continue Reading]