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Did Card-Present Fraud Rates Decline in the United States After the Migration to Chip Cards?

Author

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  • Fumiko Hayashi

Abstract

The U.S. payment industry began migrating to EMV chip-card technology in the mid-2010s to mitigate card-present fraud, especially counterfeit fraud. However, for non-prepaid debit card transactions processed by dual-message networks, the counterfeit fraud rate has not declined, and the lost-or-stolen fraud rate and overall card-present fraud rate have increased. For these transactions, card-present fraud loss rates have declined for issuers but increased for merchants and cardholders.

Suggested Citation

  • Fumiko Hayashi, 2025. "Did Card-Present Fraud Rates Decline in the United States After the Migration to Chip Cards?," Payments System Research Briefing, Federal Reserve Bank of Kansas City, pages 1-8, February.
    • Handle: RePEc:fip:fedkpb:99600
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