Credit card fraud is an ongoing headache for consumers, merchants, banks and credit card companies worldwide, but especially here in the United States. A recent study found that 47% of global credit card fraud occurs in the United States, although it only accounts for 24% of total worldwide credit card volume.1
The United States has trailed the rest of the world in adopting more secure technology that vastly reduces credit card fraud. EMV technology is an open-standard set of specifications for smart card payments and terminals. EMV requirements ensure interoperability between chip-based payment cards and terminals, and will replace magnetic stripes on the backs of credit and debit cards with an embedded microprocessor chip. The letters “EMV“ stand for Europay, Mastercard and VISA, the three organizations that developed the initial set of specifications.
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