Published on February 1, 2012
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Whether it is ATM card skimming, counterfeit cards, malware or any number of other fraud tactics that create a threat, debit and credit cards are under assault. Aite Group estimates the total cost of fraud in the U.S. is $8.6 billion per year (0.4 percent of the $2.1 trillion card payment industry).
One method for combating card skimming and fraud at the ATM and during a point-of-sale transaction is the use of EMV chip-based cards (also known as smart cards). Chip and personal identification number (PIN) technology used to support EMV standards has realized fairly widespread adoption worldwide, though not in the U.S. to date.