As EMV is being rolled out in the U.S., one of the main questions revolves around its true effectiveness as a security tool against payment card fraud. Will it work as advertised and how well will it work?

The Oct. 1 liability shift (fraud liability assessed to the party that did not enable the EMV transaction) imposed by Visa, MasterCard, American Express and Discover has helped push adoption from conception to imminent. No doubt, though, the U.S. is a latecomer to the EMV world, with EMVCo reporting in May that there are 3.4 billion EMV cards in global circulation, a year-over-year increase of 43%.

Still, U.S. industry observers need look no further than to their northern neighbor to see how EMV chip cards may perform domestically. David Hooper, vice president, strategy and innovation for Everlink Payment Services of Markham, Ontario, Canada, described the significant benefits EMV has brought to Canada’s financial services industry in an October webinar sponsored by the company’s majority owner, CO-OP Financial Services of Rancho Cucamonga, Calif.

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