AFP Survey: Financial Professionals Confident That EMV Cards Will Help Mitigate Credit/Debit Card Fraud

Finance pros strongly favor chip-and-PIN over chip-and-signature.

News provided by

Association for Financial Professionals

Mar 25, 2015, 08:04 ET

BETHESDA, Md., March 25, 2015 /PRNewswire/ -- New research by the Association for Financial Professionals found that financial professionals believe EMV technology will greatly aid their efforts in the fight against credit and debit card fraud.

For more information and to download the survey highlights: http://bit.ly/1g0LMo4. If you would like a copy of the entire report, please e-mail [email protected].

2015 AFP Payments Fraud Survey, underwritten by JP Morgan

According to the 2015 AFP Payments Fraud & Control Survey, underwritten by J.P. Morgan, 92 percent of finance 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 AFP Payments Fraud & Control 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.

Among the key findings:

62 percent of companies were targets of payments fraud in 2014—a 2 percent increase from 2013.
The most targeted payment methods in 2014 were:
- Checks (77 percent)
- Credit cards/Debit cards (34 percent)
- Wires (27 percent)
Checks continue to account for the largest dollar amount of loss due to payments fraud.

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 and is now in its 11^th year.

ABOUT AFP®

Headquartered outside Washington, D.C., the Association for Financial Professionals (AFP) is the professional society that represents finance executives globally. AFP established and administers the Certified Treasury Professional and Certified Corporate FP&A Professional credentials, which set standards of excellence in finance. The quarterly AFP Corporate Cash Indicators serve as a bellwether of economic growth. The AFP Annual Conference is the largest networking event for corporate finance professionals in the world.

Photo - http://photos.prnewswire.com/prnh/20150323/183892-INFO

SOURCE Association for Financial Professionals