Endpoint

2/23/2018
11:12 AM
50%
50%

Visa: EMV Cards Drove 70% Decline in Fraud

Merchants who adopted chip technology saw a sharp decline in counterfeit fraud between 2015 and 2017, Visa reports.

Merchants in the United States who adopted EMV chip cards saw a 70% decline in counterfeit fraud between Dec. 2015 and Sept. 2017, according to new data from Visa.

The payment card company began shifting to chip cards in 2011 to reduce counterfeit fraud, the most common type in the US at the time. More than 2.7 million merchant locations now accept chip cards, which marks a 578% increase from the 392,000 accepting them in Sept. 2015. Nearly 60% of US storefronts take chip cards.

User adoption has increased as well. In Sept. 2015, there were 159 million Visa chip cards in the US. By Dec. 2017 that number reached 481 million, and 67% of Visa credit and debit cards are chip-enabled. Nearly all (96%) of US payments in December were done with EMV chip cards.

Read more details here.

Dark Reading's Quick Hits delivers a brief synopsis and summary of the significance of breaking news events. For more information from the original source of the news item, please follow the link provided in this article. View Full Bio

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Joe Stanganelli
0%
100%
Joe Stanganelli,
User Rank: Ninja
2/26/2018 | 9:30:22 PM
Re: 96%?
@Dr.T: Because (1) many consumers are still confused about EMV technology and (2) the processing of EMV chips takes much longer than standard swipe-card technology, many retailers have purposely declined to activate their EMV setups so as to keep their business moving more smoothly and more quickly. Even some major retailers purposely delayed their rollouts until such a time as consumers became more used to chip-insertion, letting consumers figure things out and scratch their heads on other retailers' time.
Joe Stanganelli
50%
50%
Joe Stanganelli,
User Rank: Ninja
2/26/2018 | 9:28:03 PM
Re: EMV
@Dr.T: Why do you hope this?

What I'm trying to communicate is that EMV is not invulnerable and bears its own vulnerabilty issues and potential exploits. Once you have much more broader penetration of EMV overall, you'll start seeing a greater focus on EMV attacks.
Dr.T
50%
50%
Dr.T,
User Rank: Ninja
2/26/2018 | 8:04:46 PM
96%?
Nearly all (96%) of US payments in December were done with EMV chip cards. 96% is a surprisingly high. Some of these cards have both magnetic strip and chip, they may still be using swipe.
Dr.T
50%
50%
Dr.T,
User Rank: Ninja
2/26/2018 | 8:01:21 PM
Re: EMV
Expect this figure to spike back up once there is broader use/acceptance/deployment of EMV tech. That is my hope too, they need to stop providing magnetic cards to speed this adaption.
Dr.T
50%
50%
Dr.T,
User Rank: Ninja
2/26/2018 | 7:59:31 PM
chip cards
Glad to hear chip card utilization going up in US, we are way behind Europe on this.
Joe Stanganelli
50%
50%
Joe Stanganelli,
User Rank: Ninja
2/25/2018 | 9:33:52 PM
EMV
Expect this figure to spike back up once there is broader use/acceptance/deployment of EMV tech. Hackers and attackers go for low-hanging fruit -- but EMV is hardly an impenetrable technology, security-wise.
'Hidden Tunnels' Help Hackers Launch Financial Services Attacks
Kelly Sheridan, Staff Editor, Dark Reading,  6/20/2018
Inside a SamSam Ransomware Attack
Ajit Sancheti, CEO and Co-Founder, Preempt,  6/20/2018
Tesla Employee Steals, Sabotages Company Data
Jai Vijayan, Freelance writer,  6/19/2018
Register for Dark Reading Newsletters
White Papers
Video
Cartoon
Current Issue
Flash Poll
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2018-12716
PUBLISHED: 2018-06-25
The API service on Google Home and Chromecast devices before mid-July 2018 does not prevent DNS rebinding attacks from reading the scan_results JSON data, which allows remote attackers to determine the physical location of most web browsers by leveraging the presence of one of these devices on its l...
CVE-2018-12705
PUBLISHED: 2018-06-24
DIGISOL DG-BR4000NG devices have XSS via the SSID (it is validated only on the client side).
CVE-2018-12706
PUBLISHED: 2018-06-24
DIGISOL DG-BR4000NG devices have a Buffer Overflow via a long Authorization HTTP header.
CVE-2018-12714
PUBLISHED: 2018-06-24
An issue was discovered in the Linux kernel through 4.17.2. The filter parsing in kernel/trace/trace_events_filter.c could be called with no filter, which is an N=0 case when it expected at least one line to have been read, thus making the N-1 index invalid. This allows attackers to cause a denial o...
CVE-2018-12713
PUBLISHED: 2018-06-24
GIMP through 2.10.2 makes g_get_tmp_dir calls to establish temporary filenames, which may result in a filename that already exists, as demonstrated by the gimp_write_and_read_file function in app/tests/test-xcf.c. This might be leveraged by attackers to overwrite files or read file content that was ...