Visa: EMV Cards Cut Down Counterfeit Card Fraud in the US by 70%



Visa said last week that two years after US retailers started deploying terminals that could read chip-based credit and debit cards, reports of counterfeit card fraud have dropped by 70%.
While modern chip-based payment cards - also known as EMV (Europay, MasterCard, Visa) cards after the three organizations that promoted the new technology - are the standard payment card issued in most regions of the globe, the US has always lagged behind.  The reasons are many, but most banks and retailers cited that it would be more costly to issue new EMV cards and replace classic magnetic strip payment terminals with modern devices that could also accept EMV cards.  But US banks and retailers got a kick in the behind in 2015 after a series of hacks at high-profile retailers such as Home Depot and Target.  Hackers stole a large number of card numbers during those incidents, which fueled a sudden rise in counterfeit magnetic strip cards that criminal groups used to buy products in the names of legitimate account owners.
At the pressure of the US government, US card issuers began a huge push to replace classic magnetic strip cards with EMV chip-based credit and debit cards in October 2015, which eventually forced shop owners to invest in EMV-compatible gear as well.
According to statistics released by Visa last week, EMV adoption among US retailers soared from 392,000 shops in September 2015 to over 2.7 million stores in December 2017, accounting for 59% of all US storefronts.  Similarly, the number of EMV chip and PIN cards grew in the US from 159 million in September 2015 to over 481 million in December 2017.  According to Visa, 67% of all Visa cards in the US are EMV-based and have a chip inside it.  Furthermore, most of these account for cards associated with active users.  Visa says EMV chip cards accounted for 96% of all US payments in December, showing that EMV has already taken over the US market.

https://www.bleepingcomputer.com/news/security/visa-emv-cards-cut-down-counterfeit-card-fraud-in-the-us-by-70-percent/

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