Summary: EMV migration in the U.S. is not a mandate but a smart business choice to tackle the evolving business and fraud landscape. The most compelling reason for every merchant is customer service — meeting customers’ expectations that you are securely managing their data and deploying the technology that keeps them safe. In addition, liability for fraudulent transactions committed using counterfeit cards shifts to the transaction party that is not yet EMV compliant (the merchant). The logic is to migrate as soon as possible and it will benefit your business for years to come.
- 70% of cards will be chip enabled by the end of 2015
- $7.1 billion worth of credit card fraud was committed in the U.S. in 2014 alone
- 64% of card fraud in the U.S. comes from counterfeit, lost and stolen fraud