The U.S. card industry’s move to EMV technology to combat fraud will likely accelerate because of recent data breaches, say BAI Payments Connect 2014 panelists.
BAI Banking Strategies
March 7, 2014
By Robert Stowe England
“We saw a decrease in fraud of about 75%,” says Vivienne Nicol, senior manager, fraud operations, at ATB Financial in Calgary, Canada. She attributes this achievement to the bank’s embrace of EMV, the chip-based encryption technology that has dramatically reduced fraud in Europe.
With EMV cards adopted in Europe, and now Canada, organized fraud rings have moved to the U.S., where most cards still use the older and more vulnerable magnetic stripe technology. The need for U.S. card issuers to migrate to EMV will be discussed at BAI Payments Connect 2014 in a March 12 presentation entitled “EMV and Fraud: Lessons Learned and Looking Forward.” Along with Nicol, the panelists will include Dan Heimann, vice chairman of the EMV Steering Committee of the U.S. EMV Migration Forum and solutions consultant at ACI Worldwide and Tim Webb, senior vice president, fraud management, RBS Citizens Financial Group.
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