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.
Visa today announced the launch of Quick Chip for EMV, a technology enhancement designed to speed up EMV card authorizations to two seconds or less and allow shoppers to dip and withdraw their cards instantly — just as they do with magstripe cards.
Six months after the EMV card fraud liability shift, more than four in 10 retailers have not updated terminals in any of their stores, and an additional quarter of retailers have completed updates of less than half of their terminals, according to a survey by the website CardHub.
The retail industry’s continued emphasis on static technologies impedes innovation and stands in the way of consumer protection, said ABA SVP Jess Sharp in an op-ed in The Hill today.
With a retail industry lobbying group visiting Capitol Hill offices this week, ABA sent a memo today to members of Congress rebutting retailers’ claims about data security.
Nearly all U.S. adults are aware of EMV transition, while 7 in 10 already have a chip card in their wallet.
Adoption of EMV chip technology among both retailers and consumers grew exponentially in 2015, according to new data from Visa.
In 2015, ABA’s spokespeople handled 2,305 media inquiries and the association appeared in more than 2,063 stories, according to the ABA Public Relations Year in Review report.