Fortune Magazine: Credit Card Chips Not Stopping Fraud, Survey Says

Fortune Magazine is not sold on chip-enables credit cards as the fraud-stopper the tech promised.

New chip-enabled credit cards, which were rolled out to U.S. consumers starting in 2015, were supposed to put an end to rampant credit card fraud.

So much for that.

A new report from the research firm Gemini Advisory has found that, of more than 60 million cases of credit card theft in the last 12 months, a whopping 93% of the stolen cards had the new chip technology.

This represents a major setback for the technology, known as the EMV standard, which is named after the companies (Europay, Mastercard and Visa) that created it.

Meanwhile, banks are taking notice of the pervasiveness of checks, which were supposed to be phased out by now, right? On the contrary, tech like OrboAnywhere fraud protection, complete with real-time, transit fraud profile, better counterfeit, forgery and alteration detection — combined with the fact that corporate banking customers prefer checks, — has enabled banks to modernize their fraud prevention solutions and offer greater security!

This blog contains forward looking statements – for more information, click here.