EMV for U.S. Merchants – Good Reasons to Migrate

Payments Leader

Posted on November 16, 2016

EMV for U.S Merchants

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.

Key Statistics:

  • 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

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Payments Leader

Payments Leader from FIS provides insights on credit, loyalty, fraud and emerging payments strategies through blog posts from our industry experienced authors.