Page 102 - Pay Magazine s2014

finance & strategy
Forecast for U.S. EMV Shift
Source: EMV Migration Forum
October 2015
Counterfeit card liability shift for card-present transactions
in U.S.
Dec. 31, 2017
95% of 1.2 billion U.S. payment cards and terminals EMV-enabled.
The Final STreTch
October 2017
Counterfeit card liability shift for card-present transactions at automated fuel dispensers.
EMV Migration:
Dec. 31, 2015
60% to 70% of U.S. payment cards EMV-enabled; 47% of 10 million
U.S. payment terminals EMV-enabled.
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October 2015 marked an important turning point for EMV, but the U.S. chip- card migration remains a work in progress.
Many U.S. payment card issuers and merchants are heaving a sigh of relief after
upgrading cards and terminals to the EMV chip standard, in accor- dance with the October 2015 EMV liability shift for card-present, POS transactions. But for millions of others that haven’t completed the migration, there’s still much work to do before the U.S. becomes one of the last of 80 other global markets to fully adopt EMV payment card technology (see above).
Crushing POS Fraud
While some segments of the market
will lag behind, the majority of cards and terminals are making the switch this year, following extensive prep- aration. As with all other countries that adopted EMV, the goal is to re- duce counterfeit card fraud, which, in recent years, has been the largest category of all POS card fraud in the U.S., according to industry analysis (see fraud loss sidebar).
Experts say it will take time to see the full effect of EMV in suppressing U.S. counterfeit card fraud, but in Canada, losses from counterfeit debit card fraud fell 73 percent between 2009 and 2012 after EMV
By Kate Fitzgerald, Emerging Payments Editor