The switchover to EMV (Europay, MasterCard, and Visa) chipped credit cards is well underway. According to a new report from research and advisory firm Aite Group, sponsored by device intelligence and fraud prevention company iovation, 81% of credit cards in the U.S. will be EMV capable by the end of 2016. And the increased adoption of the more secure cards is fueling an increase in counterfeit fraud.
You read it right. “As the U.S. migration to EMV progresses, the combination of continued strong growth in e-commerce, ready availability of consumer data and credentials in the underweb, and disappearing counterfeit fraud opportunity will create a perfect storm that will result in a sharp rise in CNP (card-not-present) fraud,” said Julie Conroy, research director at Aite Group. Conroy went on to say, “CNP fraud is already on the rise, and the problem will get worse before it gets better."
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