Visa: Retailers See Decline in Counterfeit Fraud as EMV Migration Continues

As retailers nationwide continue to transition to chip card technology, those who have completed their upgrades have noticed a significant decline in counterfeit fraud, according to a new infographic by Visa. Counterfeit fraud dropped 70 percent in September 2017 compared to December 2015 among merchants that have completed the chip upgrade.

The infographic noted that more than 2.7 million merchants are now accepting chip cards — a 578 percent increase since the EMV migration officially began in the U.S. Chip card transactions now account for 96 percent of overall U.S. payment volume as of December 2017, Visa said.