Report: EMV will double online retail fraud

A new survey reinforces what many already know: EMV makes in-store fraud much harder, but it drives would-be criminals online.



Based on the experience of other predominantly English-speaking nations that switched to EMV-compliant payment cards, terminals and processors, online retail fraud will more than double in the U.S.



According to a new infographic from online fraud prevention technology provider Trustev, online retail fraud will rise 106% in the U.S. in the first three years after the Oct. 1 EMV compliance deadline.



In comparison, online retail fraud rose 100% in Canada and Australia, and 89% in the U.K., in the first three years after those countries switched to EMV compliance. Trustev expects in-store fraud in the U.S. will drop greatly at retailers who upgrade to EMV-compliant terminals.



However, online fraud will dramatically grow as criminals shift their fraudulent activities online, where chip-based cards offer no additional protection against fraud.

See infographic for more information.