- CyberCrime Center
August 18, 2014
By the End of 2015, U.S. Payment Cards with EMV Chips to Top 575 Million
Visa and MasterCard say rollouts of the new EMV-Chip payment cards are on pace to reach 575 million by the end of next year. According to a piece by Evan Schuman (link to article), that number is “partially based on EMV shipment plans from nine key card issuers: Bank of America, Capital One, Chase, Citi, Discover, Independent Community Bankers of America (representing issuing members), Navy Federal Credit Union, US Bank and Wells Fargo & Company.” Visa Vice President Ryan McInerney observed that by aggressively pushing EMV, “one in two of [these companies’] U.S. payment cards will be chip-enabled” by the end of 2015.
Getting consumers to buy in
Shuman writes that “the next two EMV U.S. hurdles are retailer equipment upgrades and training… plus getting consumers to not only use their new EMV cards, but to specifically insert for chip rather than just use the comfortable magstripe. Consumer training and perhaps some incentives will be needed to close this loop and to get these cards to actually be used in meaningful numbers.”
Next on the agenda
Visa and MasterCard also noted that they are in the process of “identifying an actionable, long-term roadmap [for delivering] a consistent level of security for payments in the digital and physical environments. Part of this [would] include providing clarity around enhanced security like tokenization and point-to-point encryption.”
Payment processor, First Data Corporation’s president, Guy Chiarello urged all institutions to “launch their EMV plans immediately, and not wait for the October 2015 liability shift [because] issuing EMV now [would] benefit consumers by making the most secure payment card available sooner, while reducing fraud losses and enhancing payments system security for all.”
ThreatMetrix® builds trust on the Internet by offering market-leading advanced fraud prevention and frictionless context-based security solutions. These solutions authenticate consumer and workforce access to mission critical applications using real-time identity and access analytics that leverage the world’s largest trusted identity network.
ThreatMetrix secures enterprise applications against account takeover, payment fraud, fraudulent account registrations, malware, and data breaches. Underpinning the solution is the ThreatMetrix® Global Trust Intelligence Network, which analyzes over 500 million monthly transactions and protects more than 160 million active user accounts across 2,500 customers and 10,000 websites.
The ThreatMetrix solution is deployed across a variety of industries, including financial services, enterprise, e-commerce, payments, social networks, government and insurance.
For more information, visit www.threatmetrix.com or call 1-408-200-5755.
Posted by Dan Rampe
Tags: Account Takeover, Account Takeover Fraud, Bank Fraud, Botnets, Building Trust on the Internet, CNP fraud, Context-Based Authentication, Cookieless Device Identification, Cookies, Credit Card Fraud, Cyber attacks, Data Breach, Device Detection, Device Fingerprint, Device Fingerprinting, Device ID, Device Identification, Fraud Prevention, Hacking, Identity Spoofing, Identity theft, Malware, Malware Detection, Malware Protection, Man-in-the-Browser Detection, MitB, Mobile fraud, Online Fraud, Phishing, Phishing Detection, PII, ThreatMetrix, ThreatMetrix Global Trust Intelligence Network, ThreatMetrix Web Fraud Map, Trust Tags, TrustDefender Cybercrime Protection Platform, Web Fraud