Does EMV Really Push Away Fraud?

The theory is: Deploy hundreds of millions of chip cards throughout the world with the antifraud protection of the global EMV standard, and watch the criminals, like rats escaping a flood, scurry to places where cards do not offer the same security. Then, as countries that have yet to adopt EMV see...

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Bibliographic Details
Published in:Card Technology 2007-04, Vol.12 (3), p.16
Main Author: Rueter, Thad
Format: Article
Language:English
Subjects:
Associations
Bank fraud
Banking
Counterfeiting
Credit card fraud
Credit cards
Criminals
Electronic commerce
Financial institutions
Fraud
International
Internet
Public officials
Smart cards
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Summary:The theory is: Deploy hundreds of millions of chip cards throughout the world with the antifraud protection of the global EMV standard, and watch the criminals, like rats escaping a flood, scurry to places where cards do not offer the same security. Then, as countries that have yet to adopt EMV see their fraud rates rise, banking and government officials will put the security standard on their own chip cards. It may be too early to say whether the theory holds. But new figures from the UK's main payments association indicate that EMV migration is having the intended effect, as do comments from payment experts. Still, there is a lack of detailed data that could create a global picture of fraud migration. There are strong signs that while issuers and payment associations may be focusing on EMV, they need to do a better job countering card fraud committed over the Internet or telephone.
ISSN:1093-1279