Our newly published report with Aite Group – EMV: Issuance Trajectory and Impact on Account Takeover and CNP – has caught fire in the media, and for good reason.
The report outlines, among its many findings, how card not present fraud will hammer U.S. retailers and financial institutions to the tune of $7.2 Billion in losses by the end of 2020.
The reason is simple. As consumers shift from using traditional magnetic strip credit and debit cards to EMV chip cards, criminals now realize their window for committing counterfeit card fraud is closing fast.
CNP Fraud on the Rise
By the end of 2016, 81% of credit and 57% of debit cards in the U.S. will be EMV capable. As a result, fraudsters are burning through piles of compromised cards to steal as much as they can from them.
In other words, the summer of 2016 is shaping up to be a barn burner for CNP fraud. According to the report, as more merchants adopt the EMV standard, counterfeit fraud will be white-hot in 2016 with $4.5 billion in losses, before cooling to less than $1 billion in 2020.
Since the report was released, media outlets have pounced on the new data to bring it to their respective audiences. The following is just a sampling of the recent coverage:
Why Apple Pay and Other Mobile Wallets Beat Chip Cards
New York Times
Those Chip Cards Have a Long Way to Go
On June 8th at 6:00 a.m. and 10:00 a.m. PDT, iovation’s Michael Thelander will join Julie Conroy of Aite Group in a related webinar, Eight Months of EMV: Early Fraud Shifts and Trajectory, that will explore the current state of the U.S. EMV migration, and discuss the associated account takeover, CNP fraud, and application fraud implications. The research will play an important role in enabling executives to properly benchmark EMV’s progress and gain a better understanding of the rapidly shifting fraud landscape, so don't miss it.
We expect attendance to reach the limit soon, so be sure to register now to secure your spot.