Techniques and best practices discussed in the white paper to secure the CNP channel include,

• Authentication methods: Device authentication; one-time passwords; randomized PIN pads and biometrics;
• Fraud tools: Proprietary and transactional data used for fraud analysis and risk management, and validation services;
• 3-D Secure: Messaging protocol that enables real-time cardholder authentication during an online transaction; and,
• Tokenization: A technique, which replaces card data with surrogate values (i.e., “tokens”) that are unusable by outsiders and have no value outside of a specific merchant or acceptance channel.

Meanwhile, a report issued recently by analyst firm Mercator also suggested that the change to chip cards might not diminish fraud, but just push criminals towards different fraud.

“Unless the payment industry tackles other growing concerns like lost and stolen card fraud, overall fraud losses will continue to spiral up toward pre-EMV levels,” the report said.

While EMV migration efforts in the U.S. are taking place, fewer than one in 10 credit cards in circulation were EMV-equipped as of mid-January, according to a survey of 20 issuers conducted by the Auriemma Consulting Group. While this number is expected to increase throughout 2015 — issuers are targeting 50 to 60% penetration by October — projections are tied to large-scale advances in merchant acceptance that have yet to occur.