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Crooks target US retailers slow to adopt chip cards

Counterfeit-card fraud seen rising to US$4.5 billion in 2016
Saturday, June 18, 2016 - 05:50

IN TRANSITION: Nordstrom said in May that fraud chargebacks were 'significantly higher than planned', because it completed rolling out chip-card equipment only in February.


THE slow transition to chip credit cards by US retailers hasn't gone unnoticed by criminals.

Counterfeit-card fraud will rise to US$4.5 billion in 2016, up 12.5 per cent from last year, as crooks ramp up their thievery before all merchants and banks have moved to accept

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