Fraud pushes Australia to EMV

Fraud pushes Australia to EMV
Tags: Associations / Conferences, Bank / Credit Union, EMV, Security, Trends / Statistics
August 29, 2005

ePaynews.com: By 2010, EMV chip cards are expected to be prevalent in Australia, which is now converting its front- and back-end acquiring system to accept payment cards with a chip, according to Visa Australia. Chip cards are to be deployed in Australia as a defense against fraud migrating from neighboring countries that have already shifted to EMV. Credit card fraud in Australia is estimated to exceed $100 million (U.S. $75 million) a year, with Visa, MasterCard and Bankcard payment systems comprising 88 percent of credit card transactions in Australia, although the country's debit card use is increasing.