In reply to inthebiz.

"In markets that support EMV CNP fraud has dropped."

Do you have any data to support this assertion? All of the evidence I've seen shows the exact opposite.

"First Data, for example, in its white paper " EMV in the U.S.: Putting It into Perspective for Merchants and Financial Institutions," (see link below) cites statistics from Financial Fraud Action U.K. about EMV experience in the United Kingdom. It showed that counterfeit card fraud losses dropped from £107 million in 2000 to £48 million in 2010. Similarly, lost/stolen card fraud dropped from £102 million in 2000 to £44 million in 2010."

"Card-not-present losses, however, increased from £73 million in 2000 to £227 million in 2010."

http://www.niceactimize.com/index.aspx?page=news603