Visa announced that since their inception, chip cards have reduced counterfeit fraud by 87 percent.
Chip cards are increasingly becoming the norm as usage and acceptance has continued to grow since the EMV standard was first introduced in 2011,” the company said. “That’s good news for everyone but fraudsters. The latest data shows that Visa payment cards with an embedded EMV chip have had a significant impact on counterfeit fraud, which is when criminals copy your payment card data onto a fake card and re-use it without your permission. Read more here.