Study: Chip-&-PIN Won't Cure Retail Breaches

ByKelly Jackson Higgins  Posted on 10/31/2014
 
Online card payment transactions on the rise, according to Javelin Strategy & Research.
 The good news: US merchants are moving away from magnetic stripe payment cards to inherently more secure chip-and-pin or EMV type cards. The bad news: Most smaller merchants won't be ready for the rollout, and online payment card fraud (remember that?) is rising and will continue to increase, according to a new report by Javelin Strategy & Research.
"PoS fraud is going to decline, but it's going to take a while. EMV is not going to be deployed overnight," says Al Pascual, director of fraud & security at Javelin Strategy & Research.
Javelin studied Europe's EMV evolution, and while it's helped with on-premises card fraud, card-not-present (CNP) or online payment card transaction fraud has grown. "We're seeing CNP [fraud] is already bad, and it's going to get a lot worse."
 
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