Card fraud dips, chip use rises, MasterCard says
Counterfeit card fraud is down by 60 percent at MasterCard’s highest-ranked EMV-enabled U.S. merchants, according to a company press release, which said the downturn stems from the rollout of consumer credit card chips and the 88 percent adoption rate.
“The U.S. is one of the most complex markets in the world and great progress has been made in securing our payments ecosystem in a short amount of time,” said Chiro Aikat, senior vice president of product delivery of EMV for MasterCard.
Earlier this year, MasterCard launched M/Chip Fast, operating on tap-and-go contactless technology. The technology, launching in California supermarkets, has shown significant speed increases in transactions, according to the release.
Additionally, MasterCard has launched an EMV chip terminal testing program that simplifies the testing process by allowing bank acquirers and resellers to manage testing responsibilities.