Austin, Nov. 5, 2015 - Gemalto, (Euronext NL0000400653 GTO), the world leader in digital security, launches a comprehensive online resource covering key considerations banks will face following the migration to EMV. According to Aite, by the end of this year, 70% of U.S. credit cards and 41% of U.S. debit cards will be EMV-enabled. Based on typical industry patterns following an EMV deployment, banks can anticipate new business opportunities and challenges.
"EMV and Beyond" explores the next steps for banks navigating this rapidly changing environment. New trends will emerge, including card customization, an evolution in consumer behavior toward next-generation contactless EMV and shifts in fraud to online channels. This shift in fraud will occur as EMV secures the face-to-face payment channel. Counterfeit card fraud, currently one of the most prevalent forms of credit card fraud, will decline with the deployment of chips cards. Banks should anticipate that as EMV secures the point-of-sale, fraudsters will naturally move to the weakest link in the payment ecosystem such as card-not-present (CNP) transactions and digital channels. In the five years following Canada's migration to EMV, CNP fraud increased by 133%1. Aite anticipates a similar pattern in the U.S., with CNP fraud losses expected to exceed $6 billion by 2018.
The next step for banks is securing eCommerce transactions to protect against CNP and web-based fraud. Gemalto's online resource explains the different ways banks can address the problem and mitigate the threat early on. A consumer friendly and easy to deploy solution is the dynamic code verification payments card (DCV). The DCV card is an "intelligent" card featuring a small ePaper2 screen that displays a dynamic card verification value for each transaction. The consumer enters the dynamic value during the online transaction ensuring a simple, convenient solution to eCommerce fraud.
"As technology and payments converge, banks are in a strong position to provide new trusted digital services to their customers," said Bertrand Knopf, SVP of Secure Transactions at Gemalto. "Our workwith more than 3,000 financial institutions and numerous EMV deployments makes Gemalto an experienced partner now and beyond the EMV migration."
For banks interested in learning more about "EMV and Beyond," check out our
new online resource.
Gemalto (Euronext NL0000400653 GTO) is the world leader in
digital security, with 2014 annual revenues of €2.5 billion and blue-chip customers in over 180 countries.
Gemalto helps people trust one another in an increasingly connected digital world. Billions of people want better lifestyles, smarter living environments, and the freedom to communicate, shop, travel, bank, entertain and work – anytime, everywhere – in ways that are enjoyable and safe. In this fast moving mobile and digital environment, we enable companies and administrations to offer a wide range of trusted and convenient services by securing financial transactions, mobile services, public and private clouds, eHealthcare systems, access to eGovernment services, the Internet and internet-of-things and transport ticketing systems.
Gemalto’s unique technology portfolio - from advanced cryptographic software embedded in a variety of familiar objects, to highly robust and scalable back-office platforms for authentication, encryption and digital credential management - is delivered by our world-class service teams. Our 14,000 employees operate out of 99 offices, 34 personalization and data centers, and 24 research and software development centers located in 46 countries.
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