With experts predicting losses of nearly $10 billion for this year alone incidents of credit card fraud and related costs are on the rise.
These growing costs have prompted the credit card industry to reduce in-person counterfeit credit and debit card fraud by implementing CHIP or EMV (EuroPay, MasterCard and Visa) technology.
In addition to enhanced consumer protections, the introduction of CHIP/EMV technology protects the industry from a pending shift in the payment networks’ liability framework, which affects who is responsible for compensation costs for in-person fraudulent credit card transactions.
Read more at Insurance Market Source
