Briefing
Did Card-Present Fraud Rates Decline in the United States After the Migration to Chip Cards?
Hayashi, Fumiko (2025-02-12)
The U.S. payment industry began migrating to EMV chip-card technology in the mid-2010s to mitigate card-present fraud, especially counterfeit fraud. However, for non-prepaid debit card transactions processed by dual-message networks, the counterfeit fraud rate has not declined, and the lost-or-stolen fraud rate and overall card-present fraud rate have increased. For these transactions, card-present fraud loss rates have declined for issuers but increased for merchants and cardholders.
Payments System Research Briefing