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February 27, 2018

Visa says EMV cards cut down counterfeit fraud in US by 70%

Merchants in the US who have upgraded to EMV chip cards experienced a 70% decrease in counterfeit fraud between December 2015 and September 2017, according to a new infographic from Visa.

Visa further said that during the period ending December 2017, it recorded a significant rise in payment and transaction volume across the number of chip cards and chip-enabled merchants, compared to October 2015.

The infographic revealed that 2.7 million merchants across the country were accepting chip cards in December 2017, an increase from 392,000 in September 2015.

During the particular period, the Visa chip cards have seen a surge of 202%, growing from 159 million to more than 481 million.

Chip cards are said to constitute approximately 67% of all Visa debit and credit cards, and currently around 209.1 million credit and 272.7 million debit chip cards of the firm are in circulation.

The firm further reported that chip transactions has been emerging in the country, with 96% growth in payment volumes that were found to be $78bn in 2017 compared to $4.8bn in September 2015.

Last month, the firm published another report that indicated a 66% decline in counterfeit fraud between June 2017 and 2015 due to EMV chip cards.

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