FOSTER CITY, Calif.—EMV continues to make a dent in point-of-sale crime, with merchants seeing a drop in card-present fraud due to the increased adoption of EMV chip cards, according to new.
Merchants who have upgraded to chip technology saw a decrease of 80% in counterfeit fraud dollars in September of 2018 when compared to September of 2015, shared Pymnts.com in its analysis.
Also, total counterfeit fraud dollars went down by 48%.
“More than 3.1 million merchants now accept chip cards, which is an increase of 692% since the beginning of EMV migration, and almost 70% of storefronts in the United States now accept chip cards. Now, 71% of Visa credit and debit cards have chips,” Pymnts.com said.
Transactions on chip cards are also on the rise, according to the data. About 98% of overall U.S. payment volume in December was done on EMV cards.