Chip Cards Likely Chipping Away at Fraud in Europe, America is Next
The world’s EMV guinea pig is performing well. According to Oil Express News, overall payment terminal fraud attacks dropped 11% in Europe last year compared to the year before. The numbers come from the 2017 European Payment Terminal Crime Report.
Europe adopted EMV over a decade ago so the news isn’t a surprise to the experts. They say declines in skimming attacks are linked to the widespread use of chip card payment technology. But the fight to stop scammers is never-ending and the fraud battle is moving to the internet.
Here in the United States, we’re just getting started with EMV but businesses are seeing the initial payoff. Criminals who see EMV upgraded pumps are now moving on, searching for unprotected sites. It’s like putting a security system sticker on the front window of your home.
Besides that, customers are eventually going to raise their expectations.
Read more here about EMV and why upgrading now is the smartest strategy to keep up with evolving payment security requirements.