NEW YORK—EMV payment cards may be on their way, with reductions in card fraud expected to follow, but one person is warning that until that takes place fraud will increase in the short term.
At the ISMG Fraud Summit here, Bob Russo of the PCI Council, said that hackers will see their opportunities are about to be reduced and will increase their attacks on POS and other systems where mag stripe payments cards are used.
"As we saw in other, mature EMV markets, typically the fraud is going to go up before EMV becomes embedded here in the United States,” Russo told the meeting. “So, get prepared, for fraud is coming, and it's coming very, very strongly.”