Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Endpoint

2/23/2018
11:12 AM
50%
50%

Visa: EMV Cards Drove 70% Decline in Fraud

Merchants who adopted chip technology saw a sharp decline in counterfeit fraud between 2015 and 2017, Visa reports.

Merchants in the United States who adopted EMV chip cards saw a 70% decline in counterfeit fraud between Dec. 2015 and Sept. 2017, according to new data from Visa.

The payment card company began shifting to chip cards in 2011 to reduce counterfeit fraud, the most common type in the US at the time. More than 2.7 million merchant locations now accept chip cards, which marks a 578% increase from the 392,000 accepting them in Sept. 2015. Nearly 60% of US storefronts take chip cards.

User adoption has increased as well. In Sept. 2015, there were 159 million Visa chip cards in the US. By Dec. 2017 that number reached 481 million, and 67% of Visa credit and debit cards are chip-enabled. Nearly all (96%) of US payments in December were done with EMV chip cards.

Read more details 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
Joe Stanganelli
0%
100%
Joe Stanganelli,
User Rank: Ninja
2/26/2018 | 9:30:22 PM
Re: 96%?
@Dr.T: Because (1) many consumers are still confused about EMV technology and (2) the processing of EMV chips takes much longer than standard swipe-card technology, many retailers have purposely declined to activate their EMV setups so as to keep their business moving more smoothly and more quickly. Even some major retailers purposely delayed their rollouts until such a time as consumers became more used to chip-insertion, letting consumers figure things out and scratch their heads on other retailers' time.
Joe Stanganelli
50%
50%
Joe Stanganelli,
User Rank: Ninja
2/26/2018 | 9:28:03 PM
Re: EMV
@Dr.T: Why do you hope this?

What I'm trying to communicate is that EMV is not invulnerable and bears its own vulnerabilty issues and potential exploits. Once you have much more broader penetration of EMV overall, you'll start seeing a greater focus on EMV attacks.
Dr.T
50%
50%
Dr.T,
User Rank: Ninja
2/26/2018 | 8:04:46 PM
96%?
Nearly all (96%) of US payments in December were done with EMV chip cards. 96% is a surprisingly high. Some of these cards have both magnetic strip and chip, they may still be using swipe.
Dr.T
50%
50%
Dr.T,
User Rank: Ninja
2/26/2018 | 8:01:21 PM
Re: EMV
Expect this figure to spike back up once there is broader use/acceptance/deployment of EMV tech. That is my hope too, they need to stop providing magnetic cards to speed this adaption.
Dr.T
50%
50%
Dr.T,
User Rank: Ninja
2/26/2018 | 7:59:31 PM
chip cards
Glad to hear chip card utilization going up in US, we are way behind Europe on this.
Joe Stanganelli
50%
50%
Joe Stanganelli,
User Rank: Ninja
2/25/2018 | 9:33:52 PM
EMV
Expect this figure to spike back up once there is broader use/acceptance/deployment of EMV tech. Hackers and attackers go for low-hanging fruit -- but EMV is hardly an impenetrable technology, security-wise.
HackerOne Drops Mobile Voting App Vendor Voatz
Dark Reading Staff 3/30/2020
Limited-Time Free Offers to Secure the Enterprise Amid COVID-19
Curtis Franklin Jr., Senior Editor at Dark Reading,  3/31/2020
Register for Dark Reading Newsletters
White Papers
Video
Cartoon Contest
Current Issue
6 Emerging Cyber Threats That Enterprises Face in 2020
This Tech Digest gives an in-depth look at six emerging cyber threats that enterprises could face in 2020. Download your copy today!
Flash Poll
State of Cybersecurity Incident Response
State of Cybersecurity Incident Response
Data breaches and regulations have forced organizations to pay closer attention to the security incident response function. However, security leaders may be overestimating their ability to detect and respond to security incidents. Read this report to find out more.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2020-11529
PUBLISHED: 2020-04-04
Common/Grav.php in Grav before 1.6.23 has an Open Redirect.
CVE-2020-11527
PUBLISHED: 2020-04-04
In Zoho ManageEngine OpManager before 12.4.181, an unauthenticated remote attacker can send a specially crafted URI to read arbitrary files.
CVE-2020-11528
PUBLISHED: 2020-04-04
bit2spr 1992-06-07 has a stack-based buffer overflow (129-byte write) in conv_bitmap in bit2spr.c via a long line in a bitmap file.
CVE-2020-11518
PUBLISHED: 2020-04-04
Zoho ManageEngine ADSelfService Plus before 5815 allows unauthenticated remote code execution.
CVE-2020-5347
PUBLISHED: 2020-04-04
Dell EMC Isilon OneFS versions 8.2.2 and earlier contain a denial of service vulnerability. SmartConnect had an error condition that may be triggered to loop, using CPU and potentially preventing other SmartConnect DNS responses.