U.S. Fraud is Gaining
European Central Bank (ECB) has indicated U.S. fraud is gaining and having an adverse affect on the global economy. The ECB found that 78% of all counterfeit card fraud now occurs in countries where EMV adoption lags behind Europe’s adoption. Counterfeit crimes have contributed to more than 26% of global fraud losses in 2012. The United States is #1 with card-not-present (CNP) fraud losses because it has largest eCommerce market. Because of the slow EMV integration CNP will likely increase as EMV adoption picks up but some countries are already starting to look into solutions for the problem.
PCI-DSS will continue to improve payment networks, and suggested that the coming EMV transition in the United States would alleviate some fraud issues.
For more information on EMV integration and PCI-DSS contact Tina at 888.413.9186