Banks partner with card stakeholders to grow E-Commerce

Banks partner with card stakeholders to grow E-Commerce while protecting against fraud

The adoption of Chip and PIN technology is a step forward in mitigating fraud, according to a study by the Kenya Bankers Association, the banking industry umbrella body. Card related fraud has significantly reduced after the adoption of EMV as the industrywide standard for payment cards in Kenya.

In the last three years, card fraud trends have shown an impressive decline, however, there has been a surge in identity theft cases and mobile fraud. Globally in 2016, about 4,003 cases of card fraud were reported in EMV exempt countries. Locally, there has been no reported incidences of card present fraud since the industry transition to EMV.  It should be noted that, globally, 42.4 per cent of transactions are EMV. In the Africa region, 89.9 per cent of card-present transactions are EMV.