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Maybe US issuers were much better at on-line fraud detection and didn’t need the newer system? Hoping someone from the industry can comment, but I was under th
by tyoma 6y ago
Maybe US issuers were much better at on-line fraud detection and didn’t need the newer system?
Hoping someone from the industry can comment, but I was under the impression that US issuers were eventually forced into EMV, after dragging their heels, because the US became a prime market for cashing out mag stripe data from non-US issuers.
- Tuna-Fish 6y agoNot because they are better at fraud detection, but because US issuers levy much higher fees from their customers across the board and so can eat more fraud-related losses.
- afurculita 6y agoYep. In US the interchange fee is more than 2% of the transaction. In the EU, interchange fees are capped to 0.3% of the transaction for credit cards and to 0.2% for debit cards. That's why in US they have those cash back options on credit cards, that are just not possible in Europe.