Re:$12M stolen from 1,400 convenience store ATMs across Japa...
by jessriedel on Sunday May 22, 2016 @12:05PM
(#11749086)
I don't doubt that that many complicated economic and political factors influenced things, but you're interpreting the fraud data wrong. The US credit card fraud rate as a fraction of transactions value is currently only double (~2.1 times) the EU rate, and only 1.5 times the UK rate:
I am unable to find good data on fraud rates in Europe going back before chip-and-pin, but the system reduced fraud in the UK by ~60-70%, at least for face-to-face transactions:
So the UK almost certainly had significantly higher fraud than the US before rolling out chip-and-pin. If
seliopou is right, then this was also true for France.
Let me know if you can find better Europe-wide data.
http://www.paymentscardsandmobile.com/wp-content/uploads/201...
I am unable to find good data on fraud rates in Europe going back before chip-and-pin, but the system reduced fraud in the UK by ~60-70%, at least for face-to-face transactions:
http://blog.unibulmerchantservices.com/wp-content/uploads/20...
So the UK almost certainly had significantly higher fraud than the US before rolling out chip-and-pin. If seliopou is right, then this was also true for France.
Let me know if you can find better Europe-wide data.