In a session at last week's 2012 Global Payments Strategies Conference, experts discussed the enormous task that U.S. corporates and banks face as they slowly migrate to EMV. Examining the move to EMV in Canada, the panel explained how the standard has both cut down and increased different types of fraud.

In Canada, debit card fraud has decreased after a surge before the move to EMV. However, EMV is not a panacea for all types of fraud. Card-not-present fraud (fraud through e-commerce, telephone and mail) increased sharply as counterfeit, lost and stolen card fraud declined.

 

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Fraud always migrates to the easiest system or process. CNP fraud is now a major concern in the EMV countries, which is why VISA recently introduced new ID verification systems, and real-time transaction checking is the future for fraud prevention.