The deadline for EMV migration may have been last October, but the US is very much still in the process of migrating to chip-based card payments. Coming a decade after the UK made the move, the delay has made the region low-hanging fruit for fraudsters.
Covering fraud, data security, anti-money laundering and compliance as research director for Aite Group’s Retail Banking practice, Julie Conroy has a good perspective over how the space is developing. During an interview in the Finetics™ Studio by The Bancorp at Money 20/20 in Las Vegas, she shared her insights on the migration to EMV, filling the education gap and the future of fraud.
“October 1st was a little like Y2K: anti-climactic. But we’re going to see a snowball effect as more cards and terminals come to market and consumers get trained,” says Conroy. “Education is one of the biggest gaps in this. It will progress and then we will see adjustments to the way people pay and the way fraudsters attacks the payments system from there.”
Access Julie Conroy’s full interview, plus more insights on ‘EMV & The Future Of Fraud’ from Commerce Ventures’ founding partner Dan Rosen, Arroweye Solutions CEO Render Dahiya and Bancorp SVP payment acceptance Charles Crawford on The Bancorp’s Finetics blog.
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