You may not think that the US finally adopting chip and pin will have a significant effect on British SMEs: but if you’re worried about card fraud you may have to think again.
By Monica Eaton-Cardone, CIO and co-founder of Global Risk Technologies™
In 2004, EMV technology was introduced to the UK public. More commonly known as chip and PIN, it transformed transaction technology in a way that continues to affect retailing today. Within two years, the UK was almost completely migrated to EMV, with 99.8% of card transactions PIN verified. The technology put a considerable dent in the rates of lost, stolen and counterfeit card fraud, but it was not the total fraud cure that some UK industry insiders had hoped.
Criminals began looking elsewhere for easier ways to commit fraud and since UK-issued cards retained their magnetic stripes to ensure backward compatibility, captured card data was used to commit fraud in countries that had not yet migrated to chip and PIN.
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