Visa Europe Endorses the European Commissions New Fraud Prevention Action Plan

Visa Europe has been working in close partnership with the European Commission for many years, looking at ways to reduce payment card fraud both domestically and intra-regionally across Europe. The Action Plan builds on the European Commissions initial plan launched in February 2001. Indeed, Visa has been working in close partnership for many years not only with the European Commission but also alongside banks, consumer groups, and retailer organisations on ways to counteract both old and new trends in card fraud. These measures have significantly helped to contribute to a reduction of fraud levels across Europe. However, fraud dynamics change rapidly and therefore its important that the Action Plan acknowledges that new initiatives must be introduced to match the changing circumstances. The European Commission has been a strong supporter of EMV chip migration and Visa Europe has been committed to providing the safest payment environment for cardholders and merchants across the region. This has been demonstrated by its leading the way in driving forward chip implementation. As far back as 2001, Visa Europe recognised the important role chip would play in radically decreasing fraud and so provided a EUR162 million investment towards bringing about its pan-European implementation.