US merchants cut down counterfeit fraud with 70 percent, according to Visa

In 2011, Visa set the path for the US payments industry to begin the shift to EMV chip cards. One of the major factors towards this move, was that chip technology is effective in reducing counterfeit fraud, which was the leading type of fraud in the US at the time, according to a Visa infographic.

The infographic noted that more than 2.7 million merchants are now accepting chip cards — a 578 percent increase since the EMV migration officially began in the US. Chip card transactions now account for 96 percent of overall US payment volume as of December 2017, Visa said.

Recently, the company introduced CyberSource Token Management Service, a solution designed to consolidate management and secure customer payment data.