Chip and PIN will reach the US soon, but what does that mean?
With the many credit card fraud scandals of the last few years, along with the numerous cases that go unreported by the media, having finally taken their toll on the United States’ payments systems, the nation now has to prepare to accept EMV cards.
But what does that actually mean for the consumer? And why have retailers, banks, and payment providers in the States been so resistant to such a glorious change? After all, more than 130 countries have implemented a Chip and PIN structure for payments, the US is crushingly behind in the payment technology stakes. It also makes it impossibly hard for American citizens travelling abroad to pay using their mag-stripe cards.
Did you know that after using EMV for a year there was a 78 per cent drop in card counterfeiting? Tweet
How about a 50 per cent drop in fraud losses after adopting EMV for a year? Tweet
Or that 50 per cent of the world’s credit card fraud occurs in the US, despite it only accounting for 25 per cent of card use! Tweet
Well, this infographic from Computer Science Degree Hub looks to inform you of the ins and outs of what adopting EMV is all about, and why it’s taken so long for change to come about.