The largest bank card fraud occurs by using cards that have been recreated. In an attempt to slow counterfeit cards, credit card companies are beginning the process to adopt chip card technology. Globally 1.5 billion Europay, Mastercard & VISA (EMV) cards have been issued to date. These cards are not currently accepted at most U.S. retailers, but U.S. card issuers are migrating to an EMV based payment infrastructure. The chip cards benefit issuers and merchants with reduced fraud potential, while creating a better cardholder experience for international travelers through worldwide acceptance.
Implementation challenges will vary for credit and debit, with new information becoming available regularly. Be assured BBOK Bank Card employees are becoming EMV knowledgeable. We are focusing on key operation functions, performing analysis and determining necessary capabilities for adaptation. Planning and timing are crucial to a successful evolution. Specific details will be available as key dates are determined.