According to a recent survey by Aite Group, 70 percent of the credit cards in the U.S. will be EMV-enabled by next year. Additionally, 45 percent of U.S. debit cards will have the EMV technology.
A company statement explained that the report investigated the changeover process experienced by the United Kingdom, Australia, Brazil, Mexico, and Canada, along with the path that the U.S. plans to undertake. According to Aite, the majority of card issuers are choosing to initially issue contact-chip rather than dual-interface cards.
Julie Conroy, research director for the Retail Banking and Payments Practice at Aite, explained to eWeek that credit card fraud changes, and that organized crime rings will not sit idly by while their bottom line disappears.
We’ll see a shift to card-not-present and application fraud,” Conroy said.
Visa International’s chief enterprise risk officer and chief legal officer, Ellen Richey told the news source that Visa was “racing to get ahead of card-not-present fraud.”
“The card-not-present channel has a technology called tokenization that changes the card number into a different number that can be limited in its use,” she told eWeek. “Once you do that, the value of the token is much less than the value of the card number, and you can make it useless for other kinds of transactions. It makes it much harder to use the data.”
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