As we have passed the three-year anniversary of the US EMV migration deadline, it is evident that the majority of financial institutions were successful in providing their customers with new EMV enabled cards. However, contrary to the prevailing logic, migration to the EMV did not eradicate the card-present fraud. Of more than 60 million payment cards stolen in the past 12 months, chip-enabled cards represented a staggering 93%.These results directly reflect the lack of US merchant compliance with the EMV implementation.
- 60 million US payment cards have been compromised in the past 12 months.
- 45.8 million or 75% are Card-Present (CP) records and were stolen at the point-of-sale devices, while only 25% were compromised in online breaches.
- 90% of the CP compromised US payment cards were EMV enabled.
- The US leads the rest of the world in the total amount of compromised EMV payment cards by a massive 37.3 million records.
- Financially motivated threat groups are still exploiting the lack of merchant EMV compliance.
- An imminent shift from card-present to card-not-present fraud is already evident with a 14% increase in payment cards stolen through e-commerce breaches in the past 12 months.
Basically they are saying this should go down as merchants employ the technology correctly at the point of sale. Big companies are starting to do this, but small ones are not, so they will become the prevailing targets in the next few years.