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.
Election Websites, Back-End Systems Most at Risk of Cyberattack in Midterms
Kelly Jackson Higgins, Executive Editor at Dark Reading,  8/14/2018
Intel Reveals New Spectre-Like Vulnerability
Curtis Franklin Jr., Senior Editor at Dark Reading,  8/15/2018
Australian Teen Hacked Apple Network
Dark Reading Staff 8/17/2018
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-2018-15504
PUBLISHED: 2018-08-18
An issue was discovered in Embedthis GoAhead before 4.0.1 and Appweb before 7.0.2. The server mishandles some HTTP request fields associated with time, which results in a NULL pointer dereference, as demonstrated by If-Modified-Since or If-Unmodified-Since with a month greater than 11.
CVE-2018-15505
PUBLISHED: 2018-08-18
An issue was discovered in Embedthis GoAhead before 4.0.1 and Appweb before 7.0.2. An HTTP POST request with a specially crafted "Host" header field may cause a NULL pointer dereference and thus cause a denial of service, as demonstrated by the lack of a trailing ']' character in an IPv6 a...
CVE-2018-15492
PUBLISHED: 2018-08-18
A vulnerability in the lservnt.exe component of Sentinel License Manager version 8.5.3.35 (fixed in 8.5.3.2403) causes UDP amplification.
CVE-2018-15494
PUBLISHED: 2018-08-18
In Dojo Toolkit before 1.14, there is unescaped string injection in dojox/Grid/DataGrid.
CVE-2018-15495
PUBLISHED: 2018-08-18
/filemanager/upload.php in Responsive FileManager before 9.13.3 allows Directory Traversal and SSRF because the url parameter is used directly in a curl_exec call, as demonstrated by a file:///etc/passwd value.