America is the largest target of credit card fraud

A new report shows that credit card fraud is most prevalent in the United States.

According to Barclays, nearly half of all global credit card fraud, 47 percent, occurs in America despite the fact that the U.S. accounts for only 24 percent of worldwide credit card volume.

Barclays attributes these numbers to the magnetic stripe credit cards that are still the dominate processing method as opposed to the new, more secure EMV, or embedded chip, cards.

Excluding the U.S., global deployment and adoption of EMV cards is at 43 percent, with nearly 82 percent adoption in Western Europe and over 54 percent adoption in the Western Hemisphere, also excluding America.

Magnetic stripe cards are vulnerable as they are easy to replicate if stolen and relatively simple for hackers to intercept customer information if a retailer's security isn't up to par. EMV cards, while not completely impervious, eliminate these loopholes. Barclays said that since 2003, when EMV adoption occurred in the U.K., fraud has decreased there by about 70 percent.

"Further evidencing the migration of fraud to markets that have not yet deployed EMV, fraud on UK-issued cards acquired outside of the UK tend to be heavily skewed to the US, representing 20-25% of fraud on UK issued cards used internationally from 2010 to 2012," the Barclays report notes.

The U.S. has set an October 2015 deadline for implementation of embedded chip cards. Spurred by recent breaches at Target and Home Depot, retailers have already begun accepting the new cards, with employees encouraging customers to take advantage of the new technology. 

If your company is in need of a new credit card payment processor, be sure to shop with 911 Software today! 

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