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May 24, 2018

Counterfeit fraud declines sharply in US since shift to chip cards: Visa

Visa has published a new infographic that revealed a 76% decline in counterfeit fraud from December 2015 to December 2017 due to increased EMV chip cards and chip-enabled merchants in the US.

The company noted that it registered growth across the number of chip cards and chip-enabled merchants, payment and transaction volume even during the most recent period ending in March 2018.

By the end of March this year, nearly 2.9 million merchants were accepting chip cards as against 392,000 in September 2015.

The period has also seen a 203% growth in the number of Visa chip cards, from 159 million to more than 483.6 million. Of the total Visa debit and credit cards, 67% are said to be chip-based.

At present, around 202 million credit and 281.6 million debit chip cards from the firm are in circulation.

In addition, the firm reported continued rise in chip transactions across the country, with 97% growth in payment volumes that were found to be $70.7bn in March 2018 compared to $4.8bn in September 2015.

A statement by Visa read: “Visa set the path for the US payments industry to begin the shift to EMV chip cards in 2011. One of the leading factors was that chip technology is extremely effective in reducing counterfeit fraud, which was the leading type of fraud in the US at the time.

“During the most recent period ending in March 2018, Visa saw continued growth across the number of chip cards and chip-enabled merchants, payment and transaction volume since before the shift to EMV chip launched in October 2015.”

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