It’s nearly two years since the EMV changeover—but fraud hasn’t yet disappeared. Not only that, breaches are still taking place at major chains, and a new one seems to make headlines every week. So was EMV worth it? And how can ISVs make sure they stay ahead of the next trend in fraud?
Yes, EMV Has Delivered. But Too Many Businesses Haven’t Switched.
Of course, no one could realistically have expected all payment fraud to disappear, no matter how effective EMV was at solving the problem it faced. And yet plenty of people have acted disappointed by the continued existence fraud since the arrival of EMV. But the truth is, EMV has served its purpose very efficiently. Merchants with EMV-enabled machines have seen a drastic drop in the amount of in-store fraud and chargebacks.
But there’s a huge variety of types of payment fraud, and currently, the biggest problems in the field of fraud lie in two areas beyond EMV: card-present fraud at businesses that still do not use EMV, and the migration of fraud efforts into the online arena. While the first can be solved by simple action on the merchant’s part, the second requires constant effort from ISVs as they move forward.