Given all the news about the transition to EMV and chip-and-signature cards in the U.S., you would think fraud management professionals at card issuers would have the milestone dates for their organization tacked to their computer.
That’s why I was a bit surprised last month by a poll we conducted as we kicked off the seventh year of the FICO web series "Combating Fraud through Peer Communication". Nearly each month from January to September, we bring together a few hundred bankers, credit union professionals and law enforcement agencies in our virtual meeting space to discuss the latest trends in electronic financial crime. Our January meeting was very informative, with Tracy Kitten, executive editor of BankInfoSecurity, discussing the top stories from 2014 and what she feels will be the up and coming fraud trends to watch out for in 2015.
During the meeting, we asked the nearly 300 participants where they are in the migration to chip-based technology. There are more tentative folks than I would have anticipated.
45% of poll respondents indicated that they do not have a specific launch date in mind (they are working carefully on infrastructure). 18% of poll respondents are simply unsure what their plan of action is.
It’s worth bearing in mind that this was an online poll taken in the moment — respondents voted very quickly. All the same, it’s an interesting glimpse into one of the biggest fraud-related initiatives this year.
Our next free webinar is tomorrow, February 11, at 11 am Pacific. Click here for registration information.