There’s no doubt that the migration to EMV, however long it takes to fully transition, will have a significant impact on reducing fraud at the point of sale. But what impact will that have on fraud? Will it simply move somewhere else?
Speaking during an interview in the Finetics™ Studio by The Bancorp at Money 20/20 in Las Vegas, The Bancorp’s SVP of payment acceptance, Charles Crawford, talked about the challenges, limitations and unintended consequences of the shift to EMV:
“How big a step forward for the US is the shift to EMV? I’m very glad to see it and it’s a big moment for card security because we’re getting what Europe has had for 20 years in some cases,” says Crawford. “But it’s a mixed result because in Europe it’s coupled with a pin, here we’re doing a half step.
“It will definitely prevent fraud at the retail level, but there will also be unintended consequences. What was a three to five second transaction is now five to ten, which doesn’t seem like a lot until you’re in a queue. For the customer that inconvenience adds up. Meanwhile crooks will head online and it’s not just on sites, mobile commerce is getting more prevalent and fraud is twice as likely on mobile transaction than on any other kind. Fraud will simply shift to another venue.”
Access Charles Crawford’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 Aite Group Retail Banking research director, Julie Conroy on The Bancorp’s Finetics blog.
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