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Visa chip-enabled cards reduce counterfeit fraud


VISA, the world’s largest payments processor, confirmed that chip-enabled cards submerging the US market are efficient at restricting fraud. The processor company has issued roughly 265 million chips-enabled cards to date that can be used at over a million merchants across the country.

According to an article by TechSpot, this is only about 20 percent of mercantile locations highlighting the fact that can overwhelm the majority of merchants that has not yet support cards with EMV technology. It has helped reduce crime at the point of sale, false transactions have shifted to more vulnerable telephone, internet and mail order dealings.

Rival payments processor, MasterCard has told publications that 70 percent of its consumer credit cards are now chipped.