A recent report by Gemini Advisory has revealed, three years after the US EMV migration deadline passed, card fraud has continued to rise.
Of more than 60 million payment cards stolen in the past 12 months, chip-enabled cards represented a staggering 93%. These results directly reflect the lack of US merchant compliance with the EMV implementation.
Simon Armstrong, VP Products at Entersekt:
“In the payments space there will always be an arms race between the groups providing and implementing payment systems against those who seek to find vulnerabilities to exploit. The statistics shown here can be seen as evidence that the rate of adoption of new security mechanisms by issuers and merchants is a pivotal deciding factor in assessing the likely success of any approach.
The key to designing successful fraud prevention tactics to secure payment channels is to ensure the implementation process is as frictionless as possible and the experience for an end user becomes ever simpler.”