EMV chip. (Source: Shutterstock)
Payments fraud involving fake debit and credit cards has fallen by more than three-quarters over the past three years for many merchants, largely due to the adoption of the EMV chip, according to new data from Visa.
The card network reported that merchants who accepted chip cards saw 76% less card-present counterfeit payment fraud at the end of 2018 compared to September 2015. Between September 2015 and March 2019, the number of Visa cards with EMV chips rose 219%.
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