EMV Cuts Fraud in Malaysia

Surin Murugiah reports for Malaysia's TheEdgeDaily.com on the decline in fraudulent card transactions following the migration to EMV-compliant smart cards in that market.

The migration to Europay, MasterCard and Visa (EMV)-compliant smart credit cards have reduced fraudulent transactions by more than 90% as at the end of last year, said MasterCard International vice president & senior country manager for Malaysia and Brunei, Jim Cheah.

“These are actually savings derived by member banks which can be utilised for better services to consumers,” he said, adding that cloning of EMV cards had not been detected since implementation globally.