EMV chip cards reduce counterfeit fraud costs by 54% for US merchants
Counterfeit fraud costs have come down by 54% from April 2015 to April 2016 among merchants who accepted EMV chip cards in the US.
According to a report from MasterCard, counterfeit fraud costs has increased 77% during the same period for the US merchants who have not implemented the new terminals.
MasterCard said that it has witnessed two million chip-active merchant locations on its network, a 468% increase in chip terminal adoption since 1 October 2015. Two million merchants represent one-third of all US merchants.
Of the two million chip-active merchant locations, 1.3 million are regional and local merchant locations, representing a 159% increase since 1 October 2015 liability shift, according to the report.
As of July 2016, 88% of MasterCard US consumer credit cards have chips, representing a 105 percent increase in chip card adoption since October last year.
MasterCard president of North America Craig Vosburg said: “We need chip cards in wallets and chip terminals at checkout to continue to drive card fraud out of the US.
“This country is one of the most complex markets in the world so we know things won’t change overnight.
“However, we’re encouraged by the significant progress over the last 11 months. With every additional chip transaction we move closer and closer to our collective goal – moving fraud out of the system.”