Our whitepaper EMV Strategy for Banks, recently published by Payments eXchange, explains why card issuers shouldn’t treat EMV like a “one and done” project.
Although many financial institutions are engulfed in the back-office activity required to implement EVM chip cards, “the cardholder should be at the top of the EMV food chain,” reminded presenters in an Arroweye Solutions webinar, Best Practices to Navigate the EMV Transition.
Fifty-four percent of those 2014 breaches related to identity theft; 17 percent to financial access; and 11 percent to account access. And in that year, 32 data records were lost or stolen every second—averaging out to almost 2.8 million a day. In a world of widespread breaches, card issuers must look at reissuance as an opportunity.