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ABA draws a positive picture of US EMV migration

January 31, 2017

A new infographic from the American Bankers Association shows consumers are "unquestionably safer" now than they were before the widespread adoption of EMV.

More than 700 million chip cards have been issued in the U.S., and nearly one-third of U.S. merchants are accepting chip card transactions, according to an ABA press release.

An additional 100,000 merchants become chip-ready each month. As a result, counterfeit fraud is down by more than half year over year, noted the release.

The infographic emphasizes that the chip is key to preventing counterfeit card fraud, which accounts for nearly half of all payments fraud.

The ABA contends adding a PIN requirement, as advocated by the retail industry, would help to prevent fraud only on lost and stolen cards, and that this type of activity accounts for less than 10 percent of all card fraud.