A year after the liability shift for card fraud based on readiness for chip card or EMV capability, merchants that had completed the transition to chip card terminals saw 47 percent less counterfeit fraud in May versus a year earlier, according to figures released today by Visa. In the past year, issuers have distributed 363 million Visa chip cards, and 1.46 million business are now EMV-ready. Since March 2016, chargebacks to chip-enabled merchants have fallen by 50 percent.
“Migrating the U.S. to EMV chip is a massive undertaking, requiring coordination and collaboration between financial institutions, retailers, and the thousands of service and software providers that make our payments systems work,” said Visa VP Stephanie Ericksen. “Thanks to efforts across the ecosystem, we’re seeing a positive impact on counterfeit fraud. We’re focused on continuing that momentum to bring counterfeit steadily down and simplifying the way businesses can adopt chip technology.”
