Banks Target Fraud

Lori Valigra

Source

Mainebiz

Date

4-20-2015

Pages

32-34

Abstract

Credit cards with imbedded microchips help prevent fraud, but the United States has been slow to adopt the EMV (Europay, MasterCard, Visa) technology, in part due to the magnitude of the effort (1.2 billion credit cards and 8 million point-of-sale terminals), payback versus risk fraud (particularly for small merchants), and the more than 3 times the cost of issuing an EMV debit or credit card over the traditional plastic card. The long-term trend is toward contactless systems using smart phones instead of credit cards. Inserts detailing how the U.S. lags in global EMV adoption and expected changes by the end of 2015 and within the next two years are provided.

Subjects

Credit card fraud

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