NEW YORK—The U.S. migration to EMV is having its desired effect.
What has become an ongoing trend of increasing counterfeit fraud is now in the process of reversing, according to Auriemma Consulting Group’s Card Fraud Control Benchmark Study, which tracks fraud trends among 30 major U.S. credit card issuers on a monthly and quarterly basis.
Financial losses resulting from counterfeit activity fell 18% in the first quarter of 2016, reaching its lowest level since early 2013, the study shows.
“Counterfeit fraud losses have declined steadily relative to other categories since the industry's EMV liability shift took effect late last year, and have decreased by nearly one-fourth since their peak in late 2014,” EconoTimes reported.
"The EMV migration has reached an inflection point for card issuers," Ira Goldman, who leads ACG's line of fraud control executive groups, stated in EconoTimes. "Chip card technology, coupled with normalization of fraud in the wake of major national breaches, is beginning to have a major impact."
The publication noted that card not present fraud has increased 12% since the U.S. began its move to EMV.