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.
News
US Formally Attributes SolarWinds Attack to Russian Intelligence Agency
Jai Vijayan, Contributing Writer,  4/15/2021
News
Dependency Problems Increase for Open Source Components
Robert Lemos, Contributing Writer,  4/14/2021
News
FBI Operation Remotely Removes Web Shells From Exchange Servers
Kelly Sheridan, Staff Editor, Dark Reading,  4/14/2021
Register for Dark Reading Newsletters
White Papers
Video
Cartoon
Current Issue
2021 Top Enterprise IT Trends
We've identified the key trends that are poised to impact the IT landscape in 2021. Find out why they're important and how they will affect you today!
Flash Poll
How Enterprises are Developing Secure Applications
How Enterprises are Developing Secure Applications
Recent breaches of third-party apps are driving many organizations to think harder about the security of their off-the-shelf software as they continue to move left in secure software development practices.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2021-20527
PUBLISHED: 2021-04-19
IBM Resilient SOAR V38.0 could allow a privileged user to create create malicious scripts that could be executed as another user. IBM X-Force ID: 198759.
CVE-2021-27028
PUBLISHED: 2021-04-19
A Memory Corruption Vulnerability in Autodesk FBX Review version 1.4.0 may lead to remote code execution through maliciously crafted DLL files.
CVE-2021-27029
PUBLISHED: 2021-04-19
The user may be tricked into opening a malicious FBX file which may exploit a Null Pointer Dereference vulnerability in FBX's Review causing the application to crash leading to a denial of service.
CVE-2021-27030
PUBLISHED: 2021-04-19
A user may be tricked into opening a malicious FBX file which may exploit a Directory Traversal Remote Code Execution vulnerability in FBX’s Review causing it to run arbitrary code on the system.
CVE-2021-27031
PUBLISHED: 2021-04-19
A user may be tricked into opening a malicious FBX file which may exploit a use-after-free vulnerability in FBX's Review causing the application to reference a memory location controlled by an unauthorized third party, thereby running arbitrary code on the system.