FOSTER CITY, Calif.—Chip cards are putting a big dent in counterfeit fraud, a new report from Visa confirms.
Chip-based card readers, first introduced around 2011, have led to a 70% drop in counterfeit fraud in the United States, according to Visa.
Visa says more 481 million chip cards are now in circulation, representing roughly 67% of all Visa debit and credit cards.
The company also says that nearly two-thirds of U.S. storefronts are using chip card terminals.