EMV Holdouts Are Running Out of Time and Luck
Payments Source
SEPTEMBER 13, 2016
Nearly a year after the October 2015 liability shift, a mere 17% to 37% of all US merchants have adopted EMV POS terminals.
Mastercard Says Fraud Costs Dropped 54% Since (EMV) October 2015
PYMNTS
SEPTEMBER 13, 2016
In reference to fraud — the very activity that the cards are designed to thwart — Mastercard stated that fraud data shows a 54 percent decrease in counterfeit fraud costs at retailers who have either completed or are close to completing EMV transitions, as measured between April 2015 and April 2016. 1 of last year.
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Visa: EMV Cuts Card-Present Counterfeit Fraud By 80 Pct
PYMNTS
FEBRUARY 13, 2019
Merchants saw a drop in card-present fraud due to the increased adoption of Europay, Mastercard and Visa (EMV) chip cards, Visa said. Merchants who have upgraded to chip technology saw a decrease of 80 percent in counterfeit fraud dollars in September of 2018 when compared to September of 2015. More than 3.1 More than 3.1
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Visa: EMV Rollout Continues; Counterfeit Fraud Down 76 Pct.
PYMNTS
MAY 30, 2019
Visa said this week that as acceptance of EMV cards has gained traction in the U.S., EMV” is shorthand for Europay, Mastercard and Visa chip cards. businesses began migrating to EMV, when 392,000 merchants had such acceptance in place. which represents a 219 percent boost since October of 2015.
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PYMNTS Daily Data Dive: Fraud Losses Topped $21B In 2015
PYMNTS
OCTOBER 27, 2016
percent in 2015, outpacing the growing global card volume. The industry’s best defense against counterfeit fraud are EMV cards and the terminals needed to read their chips,” David Robertson, publisher of The Nilson Report, said in a press release. EMV has been steadily penetrating dozens of countries, but in the U.S.,
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75 Gas stations see a smoother ride for EMV migration
Payments Source
JANUARY 17, 2018
merchants faced a 2015 deadline for EMV compliance, but gas stations have until 2020. Those extra years bring with them an assortment of new technology that can fundamentally change the ways motorists fuel up.
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PYMNTS Daily Data Dive: EMV A Resounding Success, Says Mastercard
PYMNTS
SEPTEMBER 13, 2016
EMV adoption is well on its way one year after the introduction of chip-enabled cards, and more adopters will jump on for the ride following Mastercard’s press release on Sept. However, larger merchants that have not yet adopted EMV have seen their counterfeit fraud costs rise by almost 80 percent.
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EMV Chip Cards: What You Need to Know About PIN or Signature Cards and How They Work
Stax
MARCH 14, 2024
EMV (Europay, Mastercard, and Visa) chip card use has continued to expand in use since its tumultuous rollout in 2015. The EMV standard has now become a global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions. What Types of EMV Chip Cards Are There?
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Many EMV roadblocks remain out of merchants' control
Payments Source
JANUARY 5, 2017
Prior to the October 2015 EMV chip-card liability shift in the U.S., various merchant groups expressed concerns about factors that would keep them from meeting that deadline — some of which remain beyond their control.
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How payments fraud is becoming more complex—and expensive
Payments Source
OCTOBER 2, 2019
since the introduction of EMV chip cards in 2015 is fantastic news, except for retailers that also sell goods sells online. Recent reports that counterfeit card fraud is markedly down in the U.S. In that case fraud has merely moved from an in-store payment attempt to a card not present (CNP) one.
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Furniture retailer ignored EMV deadline to focus on the future
Payments Source
AUGUST 2, 2017
As a large furniture retailer in South Florida, City Furniture had to decide whether to move quickly to upgrade terminals and avoid the October 2015 EMV chip card liability shift, or stay on track with a process it was already engaged in for a mobile point of sale system in its showrooms.
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How the Payments Industry Failed a Major Arizona Grocery Chain
Payments Source
SEPTEMBER 21, 2016
Arizona's largest independent grocery chain, was certain it was prepared for the October 2015 EMV liability shift. Bashas' Inc., After all, it had begun purchasing terminals for all of its 1,400 checkout lanes a year in advance.
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NRF Warns Against EMV Verification Flaws
PYMNTS
JANUARY 9, 2020
The shift from magnetic stripe to EMV chip cards marked one of the 21 st century’s most widespread payment developments. EMV Cards’ Checkered Reputation In The US. EMV cards store payment data within integrated circuit chips rather than magnetic stripes. EMV Cards Face Verification Hurdles.
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Visa’s Merchant-Friendly EMV Moves
PYMNTS
JUNE 17, 2016
EMV migration over the last seven months. million EMV merchant locations. Terminal certification has, so far, been a big barrier to making that possible, and the hue and cry across the ecosystem over the EMV certification backlog has now reached a fever pitch. Visa’s Quick Path To EMV. Changing Chargeback Economics.
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Mastercard Spills The Latest EMV Data
PYMNTS
AUGUST 3, 2016
1, 2015 EMV liability shift. Mastercard has helped over 150 countries adopt EMV, and time and again, we’ve seen the same result: significant reductions in counterfeit card fraud,” Chiro Aikat, SVP of product delivery for EMV at Mastercard, said in a press release. Today, Mastercard announced that 80 percent of its U.S.
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P2PE’s role with merchants shifts after EMV
Payments Source
AUGUST 8, 2017
Point-to-point encryption (P2PE) advanced with the Payment Card Industry data security standard's updated guidelines in 2015, but the technology has not held the spotlight much since then.
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Visa Chip Cards Reduced Counterfeit Fraud By 87 Pct
PYMNTS
SEPTEMBER 4, 2019
“Chip cards are increasingly becoming the norm as usage and acceptance has continued to grow since the EMV standard was first introduced in 2011,” the company said. merchants dropped too, from the period of September 2015 to March 2019. million merchants, whereas in September of 2015 that number was only 392,000.
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MasterCard Expands EMV Self-Certification Program
PYMNTS
JUNE 20, 2016
It’s been a tough road on the way to EMV terminal deployment here in the U.S. It is important to streamline in order to get as many merchants running EMV terminals as possible, stated Aikat. And even though there’s been some forward progress : 1 million-plus merchants in the U.S.
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Mastercard Rolls Out Security Tools To Prevent Gas Station Fraud
PYMNTS
MAY 18, 2020
The New York payment network giant said fraud was up 17 percent at gas pumps through the end of last year through its Europay, Mastercard and Visa ( EMV ) credit card terminals that allow chip cards and smart cards. ” He said the new program provides a new layer of protection to mitigate losses for all parties.
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78 Payments 2016: The Year Of EMV-Enabled Cards
PYMNTS
DECEMBER 28, 2016
Payments 2016: The Year Of EMV-Enabled Cards. While the EMV liability shift took place in October 2015, many of the effects of that shift were felt throughout 2016. While the EMV liability shift took place in October 2015, many of the effects of that shift were felt throughout 2016. Best of Times. Worst of Times.
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Over 6 billion chip cards issued worldwide, EMVCo says
Payments Source
JUNE 5, 2017
By the end of last year, the number of EMV chip cards in global circulation had increased by 1.3 billion from 2015 to a total of 6.1 billion, according to EMV standards body EMVCo.
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Malware Strikes Merchants Behind The EMV Curve
PYMNTS
MARCH 30, 2016
The demand is likely due to the ongoing transition to EMV chip-and-PIN technology in the United States, which will eventually render these techniques largely useless,” Nart Villeneuve of FireEye explained. “In the world of POS threats, there has been a rise in both underground offerings, as well as new malware found in active use.
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The Hairball That Is EMV Certification
PYMNTS
JUNE 2, 2016
By now the rollout of EMV in the United States is old news, with an October 2015 deadline that seems positively ancient in the rearview mirror, and the transition itself had been telegraphed as far back as 2011, with a template stretching back across a decade especially in Europe. In an interview with PYMNTS’ Karen Webster, Lars D.
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PYMNTS Daily Data Dive: Mastercard Extolls Its Latest EMV Data
PYMNTS
AUGUST 3, 2016
Mastercard is extolling the virtues of EMV technology and is highlighting its efforts in helping countries adopt the chip terminal system. According to Chiro Aikat, Senior Vice President of product delivery for EMV at Mastercard, EMV technology consistently brings “significant reduction in counterfeit card fraud.”.
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New Research Highlights Online Fraud Spike Tied To EMV
PYMNTS
MARCH 31, 2016
This week, PYMNTS, in collaboration with Socure , released the March edition of the PYMNTS.com Digital Identity Tracker TM , featuring all new research surrounding the increase in online fraud fueled by the increase in EMV card chip tech adoption. Fraudsters have been able to stay one step ahead,” said Karen Webster, CEO of PYMNTS.com.
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Theory Of Payments Evolution: EMV Will Get Better With Age
PYMNTS
NOVEMBER 3, 2017
Such is the case with EMV — the chip that allows customers to pay with a credit card by inserting or “dipping” it into a point-of-sale (POS) card reader instead of swiping the old mag stripe. merchants are EMV-enabled. But fraud liability isn’t all that the EMV shift has changed. Two years later, only half of U.S. Consolidation.
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Machine Learning Improves CNP Fraud Detection Rates by 30%*
FICO
APRIL 3, 2018
While adoption of the EMV payment standard in the US (as embodied in chip cards and panic at the checkout ) has been slow, fraudsters’ gravitation to card not present (CNP) fraud has been anything but. merchants who decide not to, or are unable to accept EMV cards), most consumers have “embraced the chip.”
First Data And Alipay Announce Partnership At Money20/20
PYMNTS
OCTOBER 25, 2016
The Clover Mini was introduced in 2015 and enables merchants to accept most payment types, including swipe, PIN debit, EMV (chip-and-PIN, chip-and-signature) and NFC transactions. It processes EMV transactions in as little as 2.93 First Data currently serves more than 4 million merchant locations, especially U.S.
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Chip-Reader Lawsuit Proceeds Against Card Companies
PYMNTS
OCTOBER 5, 2016
It’s been a year since the EMV card reader deadline. and Grove Liquors LLC are suing on behalf of merchants nationwide, alleging that the credit card companies conspired to dump fraudulent transactions on merchants that didn’t make the EMV card deadline. Florida-based B&R Supermarket Inc. Florida-based B&R Supermarket Inc.
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As ATM Fraud Jumps, We Need ATM Profiling
FICO
OCTOBER 12, 2016
As the US payment card infrastructure continues to move to EMV, fraudsters are turning their targets toward unattended self-service terminals, such as US ATMs, most of which have not yet been upgraded to read EMV chips. Globally, the European ATM Security Team reported a 19% increase in ATM-related fraud attacks from 2014 to 2015.
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Hard Knocks Edition: MCX, EMV And Square
PYMNTS
MAY 23, 2016
Dick Durbin (D-IL) decided to take on EMV. 2015, MCX’s “anchor member,” Walmart, launched Walmart Pay , a QR code-based mobile payments app that leverages Walmart.com credentials, which include network branded credit and debit cards. merchants were able to process EMV transactions as of the date of the liability shift — Oct.
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43 FinovateFall 2015 Best of Show Winners Announced
Fintech Labs Insights
SEPTEMBER 17, 2015
The Best of Show votes for FinovateFall 2015 have been cast and counted! ” let’s meet the Best of Show winners of FinovateFall 2015 (in alphabetic order): Blockstack.io Dynamics for its fully-programmable interfaces (stripe, EMV, NFC) for use in next- generation payment cards. So with a hearty “Congratulations!”
Everything You Need to Know About Credit Card Processing
Stax
NOVEMBER 14, 2024
EMV Smart Terminal Physical credit card processing terminals are great for businesses with brick-and-mortar locations to take in-person payments in-store. An important thing to remember is to make sure whatever machine you decide to purchase comes with full EMV and NFC technology enabled.
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Daily Data Dive: Chip Card Migration Stats
PYMNTS
MAY 26, 2016
EMV adoption rate by merchants and issuers. 121 | The percentage increase in EMV-enabled merchant locations since the Oct. 121 | The percentage increase in EMV-enabled merchant locations since the Oct. The latest stats released by MasterCard give more optimism about the U.S. 1 deadline. 67 | The percentage of U.S. 1 deadline.
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Visa Says Counterfeit Fraud At Chip-Enabled Merchants Plummets 70 Percent
PYMNTS
FEBRUARY 23, 2018
23) that counterfeit fraud, as measured in dollars, dropped 70 percent in December 2017 compared to September of 2015. That latest tally also includes December of last year and represents a jump of 579 percent over the beginning of the migration to EMV chip card adoption in the United States. billion in September of 2015.
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46 Mobile Monday: Helping Customers Understand EMV & Mobil Payments
Fintech Labs Insights
SEPTEMBER 28, 2015
This week’s EMV “liability shift” in the United States is expected to be a boon for mobile payments. Savvy issuers should seize on the negative publicity and confusion around EMV plastic cards and push NFC options both within the native app and on desktop and mobile websites. the number that understood it.
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Hacked ATMs Lead to 70% Rise in Debit Card Fraud
FICO
MARCH 29, 2017
This new data follows a 546 percent increase in compromised ATMs from 2014 to 2015. The average duration of a compromise continued to fall — on average, an ATM or POS device would be compromised for 11 days, compared to 14 days in 2015. I’ve been asked whether EMV transition is playing a role here.
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72 Chip Card Shipments Top 2.3 Billion In 2017
PYMNTS
JULY 6, 2018
In terms of geographies, India saw “sustained growth” in card shipments as a transition to EMV takes place. The news comes as the shift to EMV in the U.S. In 2015 alone, over 2 billion chip cards were supplied — of which, 570 million were shipped to the U.S., In addition, demand in South Asia “continued to surge ahead.”
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Anti-Fraud ATM Blocks Mobile Phone Scams
PYMNTS
NOVEMBER 1, 2016
Earlier this month, The Wall Street Journal reported that, since the introduction of EMV in the U.S., Credit score firm FICO said that 2015 went down as the highest-ever tally of compromised machines, although it should be noted that FICO did not disclose actual numbers. billion yen ($252 million).
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68 Visa: Chip Cards Reduce Counterfeit Fraud At U.S. Merchants By 75 Percent
PYMNTS
AUGUST 29, 2018
merchants by 75 percent from September 2015 to March 2018 as more storefronts started accepting chip cards. That’s up from 159 million in September 2015. Breaking down those segments a bit, the company noted that of total chip cards, credit cards were at more than 210 million — up from 93 million in 2015. billion — up from $4.8
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Payments 2016: The Year Of The Chip
PYMNTS
DECEMBER 23, 2016
Here is the response from Steven Cole, Senior Product Manager, EMV, Vantiv … Payments 2016: The Year Of The Chip. With the EMV liability shift taking effect in October 2015, the part of the merchant community in the United States that hadn’t migrated to EMV saw chargebacks for counterfeit card fraud skyrocket.
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Why Fraud Is Now ~$11 Of Every $100 Of Digital Sales
PYMNTS
NOVEMBER 16, 2016
There were 34 fraud attacks for every 1,000 transactions in the first quarter of 2016, compared to a level of 15 attacks almost a year ago in the second quarter of 2015. Yet, with EMV, they have gone online, said the Forter executive, even as law enforcement has not kept pace. First, the biggest headline stats. noted Reitblat.
The Consumer’s Role In Battling Fraud
PYMNTS
DECEMBER 21, 2018
Take the transition to EMV in the U.S., Before the liability shift in 2015, the industry-wide prediction was that the onset of EMV would reduce occurrences of counterfeit card fraud in-store, but that the industry should expect to see a spike in card-not-present (CNP) fraud as fraudsters moved to easier targets. “We
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74 Verifone Launches Verifone Engage In Europe, Eyes SMB Market
PYMNTS
NOVEMBER 22, 2016
The company also said the Verifone Engage family of devices are now available to small and medium business across Germany via InterCard, a network service provider which Verifone bought in 2015. Verifone’s V200c accepts all payment types, including NFC/contactless , mobile wallets, mobile pay and EMV chip cards.
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