Visa reports card fraud dropped 70 percent in 2017
Visa has published EMV chip card statistics for December, and they show that the technology has made major inroads since the company’s first liability shift went into effect in October 2015.
Between September 2015, one month before the shift, and December 2017:
- The number of storefronts where EMV cards were accepted grew from 392,000 to 2.7 million, a 578 percent increase.
- As of December, approximately 6 in 10 stores in the U.S. accepted EMV cards.
- The number of Visa chip cards grew from 159 million to 481 million, a 202 percent increase.
- By December, 67 percent of all Visa cards were chip cards.
- Approximately 209.1 million Visa chip cards were debit cards and 272.7 million were credit cards.
- In December, 96 percent of payment volume — 1.5 billion transactions representing $78 billion — was on chip cards; this compares with 79 million transactions representing $4.8 billion in September 2015.
Finally, and perhaps most meaningful to the payments industry, the dollar amount of card fraud dropped 70 percent from September 2015 to December 2017, according to Visa.
– atmmarketplace.com –