The arrival of EMV chipped cards could trigger an increase incredit-card related scams, but analytics could help institutionscombat the problem.
“The U.S. has $3 billion in losses associated with thecard-present fraud, when we roll EMV out where is that fraud goingto migrate to? The fraudsters are not going to give up that type ofincome,” said Dena Hamilton, vice president, business solutiongroup of the Americas, at BAE Systems Applied Intelligence.
To reduce counterfeit, lost and stolen card fraud, and toprotect cardholder data, nearly every country in the world widelydeployed EMV. As a result, fraud attention turned toward the U.S.,where an estimated 7.7 million people reported the fraudulent useof a credit card, according to December 2013 Justice Departmentstatistics.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
