We are all pretty familiar with the chip card (credit card) changes finally happening in the United States. That's right, we said, finally. Why now, when most of the Europe embraced the technology in 1994? Yes, the 90s! Maybe it's because the U.S. ranked #1 in card fraud over the last five years (approximately; $8.6 billion), due to lack of security, the financial institutions think it's a good time to start.
How to Avoid Intentional Fraudulent EMV Chargebacks
Jan 08, 2016 | Articles, Business Insight, EMV, Chargeback, EMV Chip Cards, EMV Fraud, EMV Chargebacks, Chip Cards
Whether or not your business is brick-and-mortar or eCommerce, EMV® smart chip technology is having an impact on your business. So what does this mean? Some companies have embraced the new technology but have not set up processes to mitigate the possibility of fraudulent EMV chargebacks. At times, it can be difficult to discern those consumers out to get something for free from others that have just forgotten to update their new card information or have sent in an innocent inquiry to their banking institution.
As identity theft and information security breaches become more common, credit and debit card companies are taking action and shifting to EMV chip technology.