23 Mar

What can banks do as EMV pushes fraud to new places?

 

The US is the last G-20 country to shift to the EMV standard for credit cards. In this context, the Retail Payments Risk Forum blog of Federal Reserve of Atlanta published a piece last Monday  by David Lott called, “Squeezing the Fraud Balloon.”

The post starts with the consensus prediction that EMV cards and hardware will boost security. Next, fraud will begin declining at point of sale. For example, stolen credit cards will be harder to  exploit when POS systems verify the chips in EMV cards rather than magnetic strips alone.

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