Report: Financial Professionals Favor Chip-and-PIN
April 20, 2015
Despite the fact it ignores card-not-present fraud entirely, most financial professionals agree the migration to EMV technology at the point of sale will help them in their fight against fraud, according to a new report from the Association for Financial Professionals (AFP). And, while 92 percent of corporate treasury and finance professionals polled said they “firmly believe” EMV cards will be effective in reducing POS fraud, a strong majority also said they preferred chip-and-PIN vs. the chip-and-signature technology that will dominate in the U.S., at least in the early stages of the migration. Recently, retailer groups have been pushing the narrative that issuing banks are to blame for the intermediate step of chip-and-signature being the dominant form of EMV in the U.S., but 61 percent of financial professionals (in a report underwritten by J.P.Morgan) said they are in favor of Chip-and-PIN.
“The 2015 AFP Payments Fraud & Control Survey should serve as a call to action for card vendors,” said Jim Kaitz, president and CEO of AFP. “Financial professionals clearly prefer chip-and-PIN over chip-and-signature in the fight against fraud, and they overwhelmingly believe in EMV.”