Did Card-Present Fraud Rates Decline in the United States After the Migration to Chip Cards?

Fumiko Hayashi

Payments System Research Briefing, 2025, 8

Abstract: The U.S. payment industry began migrating to EMV chip-card technology in the mid-2010s to mitigate card-present fraud, especially counterfeit fraud. However, for non-prepaid debit card transactions processed by dual-message networks, the counterfeit fraud rate has not declined, and the lost-or-stolen fraud rate and overall card-present fraud rate have increased. For these transactions, card-present fraud loss rates have declined for issuers but increased for merchants and cardholders.

Keywords: chip cards; credit card fraud; card-present rate (search for similar items in EconPapers)
Date: 2025
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