USA: MasterCard Aims to Combat Fraud trough ATM Business
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Tuesday, 18 September 2012 |
MasterCard has announced that it intends to expand its payment facilities in the United States to include ATMs, a move it says will enable it to further combat fraud. The company says that it will use EMV technology to manage transactions, beginning in October 2016.
“This continues our commitment to look holistically at the next generation of US card payments,” said MasterCard’s Mike Weitzman, a group executive for its US business in a statement released by the company. “As other markets have migrated to EMV, we have seen fraud shift to the least secure channel. By establishing this liability shift, we’re advancing efforts to prevent and reduce fraud.”
Fraud costs card companies around $8.6bn every year according to research conducted by analysts Aite Group. The move is an extension of a liability shifting manoeuvre the company carried out last Autumn.
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