[LINK] America highest credit card fraud (was Re: refusing contactless cards)

[Kim Holburn]

Card with chip is good apparently:

http://www.forbes.com/sites/halahtouryalai/2012/10/22/countries-with-the-most-card-fraud-u-s-and-mexico/

> Another reason the U.S. ranks high on the fraud list: It is not on the EMV standard. EMV is short for Europay, Mastercard and Visa. It is a standard followed by most European countries to ensure card security via microchip in credit and debit cards.
> 
> “EMV provides an extra layer of security for consumers which have helped drop the fraud levels down in Europe,” says Mike Braatz, senior vice president, payments fraud, and ACI Worldwide.
> 
> The EMV standard is expected to begin in the U.S. beginning in 2013 but Braatz says it will take several years before it’s fully implemented. Why? Systems across the country need to be updated to read and accept the chips. Issuing banks like Bank of America, Citi, JPMorgan Chase and others would have to update their ATMs and card systems, for instance.
> 
> EVM could help explain why most countries with the lowest frauds in the survey are primarily European. The Netherlands and Sweden are at the bottom of the card fraud list with just 12% of consumers there experiencing fraud in the last five years.

-- 
Kim Holburn
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