Counterfeit card fraud has been drastically reduced in countries that use more secure EMV technology. However, these countries also experienced fraud predominance shifting from one form to another following the introduction of chip cards.
The collaboration known as the U.S. Payments Security Task Force (PST) is a group of leading U.S. issuers, acquirers, merchants, payment networks and other electronic payment participants, established in 2014. Their teamwork has produced a new white paper that may serve as a roadmap on securing the payments ecosystem in the U.S.
Cash-only businesses are becoming increasingly rare. Merchants understand that most consumers like to have a variety of payment options. Security and convenience are prominent benefits of accepting credit cards in your business. Transacting electronic payments can also mean less exposure to check and cash fraud and theft.
EMV is a global standard for credit and debit cards based on chip card technology. Issuers around the world are including chips in bank cards and merchants are moving to EMV-compliant terminals to increase security and reduce fraud resulting from counterfeit, lost and stolen cards.