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.

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
 

Recommended Reading:

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.
COVID-19: Latest Security News & Commentary
Dark Reading Staff 6/3/2020
Data Loss Spikes Under COVID-19 Lockdowns
Seth Rosenblatt, Contributing Writer,  5/28/2020
Abandoned Apps May Pose Security Risk to Mobile Devices
Robert Lemos, Contributing Writer,  5/29/2020
Register for Dark Reading Newsletters
White Papers
Video
Cartoon Contest
Write a Caption, Win a Starbucks Card! Click Here
Latest Comment: This comment is waiting for review by our moderators.
Current Issue
How Cybersecurity Incident Response Programs Work (and Why Some Don't)
This Tech Digest takes a look at the vital role cybersecurity incident response (IR) plays in managing cyber-risk within organizations. Download the Tech Digest today to find out how well-planned IR programs can detect intrusions, contain breaches, and help an organization restore normal operations.
Flash Poll
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2020-13777
PUBLISHED: 2020-06-04
GnuTLS 3.6.x before 3.6.14 uses incorrect cryptography for encrypting a session ticket (a loss of confidentiality in TLS 1.2, and an authentication bypass in TLS 1.3). The earliest affected version is 3.6.4 (2018-09-24) because of an error in a 2018-09-18 commit. Until the first key rotation, the TL...
CVE-2020-10548
PUBLISHED: 2020-06-04
rConfig 3.9.4 and previous versions has unauthenticated devices.inc.php SQL injection. Because, by default, nodes' passwords are stored in cleartext, this vulnerability leads to lateral movement, granting an attacker access to monitored network devices.
CVE-2020-10549
PUBLISHED: 2020-06-04
rConfig 3.9.4 and previous versions has unauthenticated snippets.inc.php SQL injection. Because, by default, nodes' passwords are stored in cleartext, this vulnerability leads to lateral movement, granting an attacker access to monitored network devices.
CVE-2020-10546
PUBLISHED: 2020-06-04
rConfig 3.9.4 and previous versions has unauthenticated compliancepolicies.inc.php SQL injection. Because, by default, nodes' passwords are stored in cleartext, this vulnerability leads to lateral movement, granting an attacker access to monitored network devices.
CVE-2020-10547
PUBLISHED: 2020-06-04
rConfig 3.9.4 and previous versions has unauthenticated compliancepolicyelements.inc.php SQL injection. Because, by default, nodes' passwords are stored in cleartext, this vulnerability leads to lateral movement, granting an attacker access to monitored network devices.