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Card-Not-Present Fraud Rates in the United States After the Migration to Chip Cards

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  • Fumiko Hayashi

Abstract

Unlike many other countries, the United States did not see a surge in the “card-not-present” fraud rate immediately after migrating to chip-card technology. Instead, the U.S. card-not-present fraud rate of non-prepaid debit cards has increased gradually over the past decade. Merchants’ and cardholders’ card-not-present fraud loss rates have increased for both dual- and single-message networks, while issuers’ card-not-present fraud loss rate has increased for single-message networks.

Suggested Citation

  • Fumiko Hayashi, 2025. "Card-Not-Present Fraud Rates in the United States After the Migration to Chip Cards," Payments System Research Briefing, Federal Reserve Bank of Kansas City, pages 1-7, May.
    • Handle: RePEc:fip:fedkpb:100051
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