While chip-and-PIN technology has become ubiquitous for physical card transactions, this payment method is not as secure as previously thought.
According to a study conducted by Gemini Advisory, 60 million United States cards were compromised in the past year, 93% of which had chips.
The study stated that the biggest contributing factor to this problem is the lack of merchant compliance with EMV implementation in the United States.
EMV technology is quickly becoming the global standard for credit and debit card payments, and is named after its developers – Europay, Mastercard, and Visa.
By analysing telemetry data collected from various sources on the dark web, researchers found that 75% of affected cards were compromised during in-person transactions.
This means the cards were compromised through card-skimming malware and POS breaches.
Gemini Advisory found that the United States leads the rest of the world in total amount EMV payment cards, and is the most targeted by criminals aiming to steal card data.