Fraud has been an ongoing problem with credit card payments since the beginning, and it’s likely not going away any time soon. The use of EMV is the first step in combatting credit card fraud.
Other countries have had EMV credit cards for several years and, as a result, experienced dramatically reduced rates of credit card fraud. Face-to-face fraud has decreased by 72% in the U.K., and domestic counterfeit fraud has decreased 48% in Canada since converting to EMV, the PCI Security Standard Council reports.
Relatively new in the United States, EMV cards have enhanced security features designed to keep fraudsters from cloning cards and making fraudulent purchases. Card brands have created EMV migration deadlines to motivate merchants to follow the latest and most secure payment standards. The original deadlines have been modified to provide merchants with more time so they can securely accept chip cards and protect their business from counterfeit card fraud.
With big merchants already prepared for EMV, frauds are now targeting smaller merchants who might not have the technology ready. Even a small number of chargebacks can harm the financial health of a business. By implementing EMV, you can avoid these chargebacks and save on future fraud costs. Merchants of all sizes should take the opportunity to implement EMV as soon as possible.