Did you know that the U.S. has been the No. 1 country for credit card fraud in the past five years?
This may come as no surprise after hearing that the U.S. is behind the rest of the world in making the upgrade to EMV enabled credit cards. EMV stands for Europay Mastercard Visa, and it has revolutionized security for credit card transactions. EMV cards are widely being used in Canada, Europe, and Asia and are being adopted as the standard for credit cards worldwide. An EMV card looks like a regular credit card, but instead of using a magnetic stripe it has an integrated microprocessor chip that greatly reduces the risk of counterfeit and fraud. Cards with magnetics stripes contain “static” data that never changes, but the information in the chip is uniquely encoded with every transaction. This process makes it much harder for criminals to swipe useful payment data from EMV transactions.
Instead of requiring a signature to verify a card holder’s identity, the chip uses a pin providing greater fraud protection. The chip and pin system, the global standard for most countries that have adopted EMV, provides on site verification at the time of the sale.
45% of total credit cards in circulation are EMV enabled cards, and there are currently over 1.5 billion EMV enabled cards worldwide. Visa has already set deadlines on retailers to accept these more secure cards over the next four years, and Mastercard has given US ATM owners three years to upgrade their machines to comply with EMV cards. With the Mercator Advisory Group estimating that credit and debit card fraud costing card issuers over $2.4 billion annually, it about time the Land of the Free jumps on the bandwagon!
Don’t make yourself an easy target for credit card theft. Check out this infographic from Merchant Warehouse to learn more about how EMV is providing a more secure way to shop both online and in stores.
EMV: Coming to Your Wallet in 2015 [Infographic]Brought to you by Merchant Warehouse
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