Risk

5/23/2018
05:48 PM
50%
50%

Fraud Drops 76% for Merchants Using EMV, Says Visa

A new report from Visa says that the shift to chip cards has resulted in dramatically reduced credit card fraud levels.

Chip cards are paying off in terms of reduced fraud. That's the conclusion of a new Visa report on transactions since the shift to EMV (named after original developers Europay, MasterCard, and Visa) cards in 2015.

According to Visa, merchants that have completed the shift to EMV cards have seen their fraud level drop by 76% from December 2015 through December 2017. Of particular note, Visa says that EMV cards have been very effective in reducing counterfeit fraud, which it calls the most common type of credit card fraud committed in the US.

By March of 2018, 97% of total credit card transactions took place using EMV cards. Since the formal shift to EMV cards, the number of cards with chips has risen from 159 million in September 2015 to 483.6 million in March 2018.

Visa says that more than 2.9 million merchant locations are now accepting EMV cards.

For more, read here.

Dark Reading's Quick Hits delivers a brief synopsis and summary of the significance of breaking news events. For more information from the original source of the news item, please follow the link provided in this article. View Full Bio

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
RyanSepe
50%
50%
RyanSepe,
User Rank: Ninja
5/24/2018 | 9:10:54 AM
Positive Steps
It's good to hear that the switch to the chip was so effective. In the beginning, it seemed like non-technical individuals were resistant to the change as it was a different way to interface with the POS system. I believe that has since changed and the security efficacy is overwhelmingly positive.
Meet 'Bro': The Best-Kept Secret of Network Security
Greg Bell, CEO, Corelight,  6/14/2018
Containerized Apps: An 8-Point Security Checklist
Jai Vijayan, Freelance writer,  6/14/2018
Four Faces of Fraud: Identity, 'Fake' Identity, Ransomware & Digital
David Shefter, Chief Technology Officer at Ziften Technologies,  6/14/2018
Register for Dark Reading Newsletters
White Papers
Video
Cartoon
Current Issue
Flash Poll
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2018-12604
PUBLISHED: 2018-06-20
GreenCMS 2.3.0603 allows remote attackers to obtain sensitive information via a direct request for Data/Log/year_month_day.log.
CVE-2018-10841
PUBLISHED: 2018-06-20
glusterfs is vulnerable to privilege escalation on gluster server nodes. An authenticated gluster client via TLS could use gluster cli with --remote-host command to add it self to trusted storage pool and perform privileged gluster operations like adding other machines to trusted storage pool, start...
CVE-2018-12599
PUBLISHED: 2018-06-20
In ImageMagick 7.0.8-3 Q16, ReadBMPImage and WriteBMPImage in coders/bmp.c allow attackers to cause an out of bounds write via a crafted file.
CVE-2018-12600
PUBLISHED: 2018-06-20
In ImageMagick 7.0.8-3 Q16, ReadDIBImage and WriteDIBImage in coders/dib.c allow attackers to cause an out of bounds write via a crafted file.
CVE-2018-12601
PUBLISHED: 2018-06-20
There is a heap-based buffer overflow in ReadImage in input-tga.ci in sam2p 0.49.4 that leads to a denial of service or possibly unspecified other impact.