To help bankers educate lawmakers, customers and the public about the growing security benefits of the switch to EMV chip technology in cards, ABA is today releasing a new infographic showing that consumers are “unquestionably safer” than before EMV’s widespread adoption.
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More than 144 billion noncash payments — those made with debit or credit cards, ACH and checks — were made in the U.S. between 2012 and 2015, totaling nearly $178 trillion, the Federal Reserve reported today in its triennial payments study.
In the wake of the decision by Visa and MasterCard to delay the EMV chip card liability shift for gas pumps until 2020, a new advisory emphasizes that cyber thieves are focusing on retailers who have not upgraded their systems.
Visa and MasterCard yesterday pushed back the date when liability for fraudulent transactions at gas pumps shifts to the party not equipped with EMV chip technology.
Debit card-related fraud losses to merchants, cardholders and issuers rose from 2013 by 44 percent, reaching $2.41 billion in 2015, according to the Federal Reserve’s biennial survey of debit card issuers’ costs released today.
Under the Durbin Amendment, card networks cannot require merchants to allow debit cardholders to choose EMV chip application when one application routes to a single network, according to a Q&A added on Wednesday to the Federal Reserve’s Regulation II frequently asked questions page.
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.
American consumers are safer today than they were one year ago thanks to the swift adoption of EMV technology, ABA SVP Jess Sharp wrote in an op-ed in The Hill today.
While nearly half of U.S. consumers believe they will experience credit or debit card fraud in the next five years — and 42 percent have personally experienced it — victims of fraud are universally satisfied with the way their bank resolved the situation, according to a recent survey.