Some Major Merchants See Dip in Counterfeit Fraud Thanks to Chip Cards, Visa Says

From USA Today

The new chip enabled cards flowing into the U.S. marketplace have already made a dent in fraud, with some of the biggest merchants seeing a dip of more than 18% in counterfeit transactions, according to Visa.

Among the 25 merchants who were suffering the most instances of counterfeit fraud at the end of 2014, five who began processing credit and debit cards equipped with the new EMV technology saw those infractions decline 18.3% as of the final quarter of 2015, says Stephanie Ericksen, vice president of risk products at Visa. Meanwhile, five of those merchants who were not yet equipped to handle chip enabled cards saw an increase in fraudulent transacations of 11.4%.

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