Chip cards are deterring fraud

Visa is looking at how chip cards are impacting fraud. CU Today is reporting that Visa found a dip of more than 18 percent on fraudulent transactions. What Visa is also finding is that mag strip devices are seeing more fraud activity since chip cards came on the market. CU Today writes that, “Among the […]

Chip cardsVisa is looking at how chip cards are impacting fraud. CU Today is reporting that Visa found a dip of more than 18 percent on fraudulent transactions. What Visa is also finding is that mag strip devices are seeing more fraud activity since chip cards came on the market.

CU Today writes that, “Among the 25 merchants that were suffering the most instances of counterfeit fraud at the end of 2014, five that began processing credit and debit cards equipped with EMV terminals saw those infractions fall 18.3 percent as of the final quarter of 2015, Stephanie Ericksen, vice president of risk products at Visa, told USA Today. Meanwhile, five of those merchants not yet equipped to handle chip-enabled cards saw an increase in fraudulent transactions of 11.4 percent.”

On the MasterCard side, as of March, 70 percent of its consumer credit cards were chip equipped, which is 50 percent higher since October of last year. But analysts believe the U.S. is behind expectations from last year.

Some fraud analysts also believe hackers are moving more of their attention to online purchases as their tools are much more sophisticated today.

Written by
admin
View all articles

About Us

The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

LSCU Mission Statement

To create an environment that enables credit unions to grow and succeed.

LSCU Vision Statement

To be the trusted advocate and preferred source of information for credit unions.

If you need to reach us, e-mail communications@lscu.coop

Social Channels

Follow us on all major social media platforms.