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Finally Looks Like the US is Moving to Chip and Pin Cards

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Got an email from Bank Security Enews:

The Europay, MasterCard, Visa standard is coming. And the sooner U.S. card issuers, acquirers and merchants initiate migrations, the better, says Stephanie Ericksen, head of authentication product integration at Visa.

Visa has set aim on April 2013 and October 2015 as EMV-adoption target dates. And the card brand has created a roadmap and guidelines to help issuers and merchants successfully launch and complete their EMV rollouts.

The catalyst for Visa's EMV push: escalating incidents of card fraud. The United States' continued reliance on magnetic-stripe card technology is perpetuating the spread and growth of global card fraud.

MasterCard also has set an April 2013 EMV-compliance deadline for all U.S. ATMs because ATMs are the most often hit with skimming attacks.

EMV, a global card-security standard, has been widely adopted throughout the world. In the United States, however, adoption has lagged. Today, U.S. banks and merchants have fallen far behind, from a card security perspective, opening doors for fraud that have adversely affected the global payments infrastructure.

EMV, which has significantly reduced card-present fraud, will cut fraud losses linked to card skimming at ATMs and points of sale in the United States, Ericksen says; losses that continue to adversely affect the rest of the world.

"Several factors are at play that we believe made this a good time for the U.S. to adopt and embrace chip technology," says Visa's Ericksen, who focuses on payment solutions, enhanced payments security and payments devices. "The movement toward mobile, which uses the same technology as EMV, is a big reason. We've been working on that in the U.S. for a long time. ... and we've had several U.S. issuers that have been looking to issue chip cards for their international travelers."

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