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One of the most hotly contested topics in payments in recent years has been whether the introduction of EMV chip card security at the point of sale would cause a fraud spike across Card Not Present (CNP) channels, which see no benefit from EMV. Retail associations argued that EMV could only result in a “balloon squeezing” effect for fraud activity, moving it to CNP channels rather than eliminating it altogether.

It has now been two years since the EMV fraud liability shift took effect in the U.S. for most companies. This is enough time to evaluate the EMV migration's effect on fraud, and whether it can be blamed for anything happening in digital channels.