Visa says chip cards reduce counterfeit fraud by 66%
Visa, revealed on December 18th in an infographic that counterfeit fraud is down in the U.S at merchants that are using chip-enabled cards.
According to this release, counterfeit fraud at U.S chip-enabled merchants was down 66% in June of 2017 compared to June 2015. U.S financial institutions have issued 462 million chip cards to consumers, and 2.5 million, or 55% of U.S storefronts now accept cards with the EMV Chip.
2017 marked the first full year since U.S started moving to EMV chips cards. At the beginning of the year Visa said that counterfeit fraud had dropped by 52% , and was down 14% across all merchants during that first year.
According to Visa, during 2016 the number of Visa chip cards issued in the U.S reached 408.1 million, an increase of 92%. The number of merchants who rolled out chip-enabled terminals totaled 1.81 million at the end of 2016. Currently, 39% of all merchant locations have the terminals, handling 49% of the payment volume. Visa noted that 82% of the merchants that rolled out chip card terminals are small and medium-sized businesses.