Security is the ultimate point/counterpoint effort. But instead of a one-for-one ratio — instead of a 50% increase in security here reducing fraud attacks over there by 50% — many of the security measures adopted in retail result in a net increase of fraud success. Such a situation exists with EMV, and Visa and Mastercard have just made it worse.

Let's start with the good security news. EMV, executed properly, should pretty much block all cloned cards. In the olden days of retail fraud, that was the most popular means of cashing out stolen payment card credentials. As expected, as EMV slowly makes its way into physical retail storefronts — and by slowly, we mean that today, more than a year after the deadline for EMV came and went, the vast majority of stores have yet to activate EMV — online fraud has increased.

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