By the end of 2014, nearly 8 percent of U.S. debit cards and 25 percent of credit cards were equipped with chip-enabled Europay, Mastercard and Visa (EMV) technology. Experts predict that by 2018, these numbers could approach 100 percent penetration.
There is a good reason for this. EMV cards come with state-of-the-art security features that make credit card fraud at a consumer point-of-sale much more difficult. The card must physically be present at the point of purchase, where shoppers must either sign their names or enter in a personal identification number (PIN).
Although EMV cards are effective at preventing in-store fraud, they are not any more effective at reducing online fraud. In fact, as EMV cards become more prevalent online fraud has increased with predictions that it could double to $6.4 billion by 2018.
What does this mean for online collections and payments? Online payments can be affected by fraud as well as card-not-present agent-assisted transactions. If online fraud is growing that quickly and the new EMV technology can not protect you any better than the old method, what are your options?
Take extra precautions against fraud and ensure your clients know of these extra steps.
- Invest in a more secure online payment gateway. A secure gateway creates anti-fraud obstacles that can deter credit card thieves.
- Train agents to recognize different types of credit card fraud.
- Ensure that the online credit card payment system is PCI compliant and stay current with the latest regulations.
BillingTree’s online credit card payment systems are PCI compliant and secure to prevent credit card fraud. To learn more, contact BillingTree or call us at 877-424-5587.