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| Rising debit card fraud will push EMV, NFC technologies |
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August 16, 2011
While credit card fraud losses in North America have been flat over the last few years, debit card fraud losses are on the rise, driven in part by the increased debit card volume over the last decade and in part by increasing common point-of-purchase events, which result in debit card compromise, according to a report from Aite Group. The report is based on a survey of North and South American card security professionals attending MasterCard’s Americas Global Risk Management Conference. The survey was conducted in April. The report analyzes top card threats and discusses the prospect of the EMV chip-card standard and near-field communication making inroads in the U.S. market within the next decade. Though the United States has lagged behind much of the developed world in the deployment of EMV, card executives and risk management professionals are bullish that EMV and NFC will finally make inroads here.
“Card industry executives believe that EMV in the United States is no longer a matter of ‘if,’ but of ‘when,’” says Julie Conroy McNelley, senior analyst with Aite Group and co-author of this report. “The relevance of the magnetic stripe has disappeared. Whether the replacement is EMV, NFC, or a combination of the two, fraud will evolve and the industry will have to remain vigilant.” http://www.aitegroup.com/Reports/ReportDetail.aspx?recordItemID=814 |
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