Central Banking

US card fraud higher than in countries with chip technology – Fed study

Nordic payment processing business Nets
Most US cards still use magnetic strip technology

Card fraud related to counterfeiting was "substantially greater" in the US in 2015 than in countries that had more widely adopted chip technology in their payment cards, a study by the Federal Reserve has found.

Published on December 22, the report studied non-cash payment trends in the US from 2012–15. The study broke fraud down into categories, finding card counterfeiting was by far the most prevalent type of card fraud in the US.

Though chip-based card use has risen 230% on average each year

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