According to data from the European Central Bank, recorded EMV-related fraud resulted in USD 1.44 billion lost (EUR 1.32 billion), mostly from card-not-present transactions, marking the highest level in five years.
The same source mentions that card-not-present fraud was the only type to register an increase from the previous year, a rise of 20.6% compared to ATM and point-of-sale fraud, which both fell by 13.7% and 7.9%, respectively.
EMV technology protects against counterfeiting, but is effective only in channels where the physical card is required. Ecommerce websites, for example, get no clear benefit from EMV. The European Central Bank warns that card-not-present fraud could continue to rise unless necessary mitigation measures are adopted, such as the guidelines issued by the European Banking Authority and the Eurosystem for secure internet payments and card payment oversight.
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