Credit cards have been consistently the single largest source of payment fraud for many years. A report on the true cost of fraud found that credit cards contributed to 52 percent of all U.S. payment fraud in 2014. To combat this problem, European card issuers have fully implemented EMV (Europay, MasterCard and Visa) chip cards for more than a decade. Consequently, the technology has resulted in a 75 percent decrease in credit card fraud at brick and mortar stores in the UK over 8 years.
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