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

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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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    File URL: https://www.kansascityfed.org/documents/10682/PaymentsSystemResearchBriefing25Hayashi0212.pdf
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    References listed on IDEAS

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    1. Fumiko Hayashi, 2019. "Payment Card Fraud Rates in the United States Relative to Other Countries since Migrating to Chip Cards," Economic Review, Federal Reserve Bank of Kansas City, vol. 0(Q IV), pages 23-40.
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