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AFP Survey: Financial Professionals Confident in EMV

  • By Staff Writers
  • Published: 3/25/2015
Treasury and finance professionals are confident that EMV technology will greatly aid their efforts in the fight against credit and debit card fraud, according to a new survey by AFP. However, respondents favor chip-and-PIN cards over chip-and-signature, given the added layer of security.

According to the 2015 AFP Payments Fraud & Control Survey, underwritten by J.P. Morgan, 92 percent of financial professionals firmly believe EMV cards will be effective in reducing point-of-sale (POS) fraud. In addition, 61 percent believe that chip-and-PIN will be the most effective authentication method in mitigating credit/debit card payments fraud.
 
“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.”

Despite companies’ fears, the survey found that 70 percent of companies that were subject to payments fraud in 2014 did not suffer a financial loss from the attack. Although declining, checks are by far the payment method most subjected to actual or attempted fraud, and they accounted for the largest dollar amount of loss.

The AFP Payments Fraud & Control Survey, conducted in January 2015, is based on 741 responses from corporate treasury and finance professionals with the job titles cash manager, analyst and director. It is now in its 11th year.
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