The Bancorp, The Official Bank of Money20/20, today announces the release of its next Finetics™ Studio interview series: “The Impact of EMV on Fraud”, featuring featuring Julie Conroy, Research Director, Aite Group; Dan Rosen, Founder and General Partner, Commerce Ventures; Render Dahiya, CEO, Arroweye Solutions; and Charles Crawford, Senior Vice President, Payment Acceptance, The Bancorp.
Filmed from the Money20/20 show floor, the videos highlight exclusive conversations with some of the industry’s most influential players about the evolution of fraud in payments, including the impact of EMV in the U.S., as well as key trends to watch out for in 2016.
“We did a study and only 16 percent of merchants had planned any formal training on EMV for their frontline staff, so we’ve had a little bit of early pain with regards to the liability shift,” said Conroy. “I even spoke with merchants that were planning to turn EMV off during the holidays, because they were worried about long lines and confusion. So, they were actually willing to absorb more fraud rather than inconvenience their customers with EMV.”
“I think there is still a lot of work to do on fraud,” added Dahiya. “And our research shows similar deficiencies in EMV preparation, with more than 70 percent of cardholders receiving no information about EMV from their card issuer in 2015. EMV puts a stop gap measure in terms of swipe fraud, but increased card-not-present fraud will drive more card reissuance going forward, creating a new challenge for issuers and cardholders.”
Your chance of fraud is twice as likely on a mobile transaction as any other transaction.
“It’s a very interesting time for e-commerce because mobile commerce is becoming more and more prevalent and your chance of fraud is twice as likely on a mobile transaction as any other transaction,” explained Crawford. “So if the increase we saw in online fraud in Europe and Canada takes place in the U.S., which I think is very likely, then those merchants are going to have to be all the more careful and new techniques will have to be built to make it safer for mobile and e-commerce in general.”
The release of these four new videos supports The Bancorp’s Finetics™ Studio video series, which features one-on-one conversations with more than 30 of the financial services industry’s most influential and innovative executives, launched late last year.