A senior staffer at the Federal Reserve Bank of Atlanta has called into question the practicality and usefulness of a massive U.S. shift to EMV payments cards.
Douglas King, a payments risk expert at the Atlanta Fed, argues that fraud is still a relatively small expense for issuers and that EMV technology does not guard against all modern fraud schemes and practices.
“It’s no secret by now that while EMV has been excellent at reducing face-to-face fraud, card-not-present (CNP) fraud continues to rise because EMV does not effectively prevent it in today’s online environment,” King wrote in his post.
In her look at upcoming payments trends for 2013 and beyond, Market Platform Dynamics CEO Karen Webster also expressed reservations about EMV’s future in the U.S.
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