Payments companies are trying to close the massive credit-card fraud problem with these 5 new security protocols

There is a massive credit card fraud problem in the US. Fraud cost US retailers approximately $US32 billion in 2014, up from $US23 billion just one year earlier. Much of the fraud problem is the result of the relatively weak security of credit and debit cards.

To solve this problem, a new type of credit card with a microchip, called EMV, is being implemented — but EMV won’t be a panacea. It will cause fraud to migrate to other weaker points within the payments ecosystem.

To solve the card fraud problem across in-store, online and mobile payments, payment companies and merchants are implementing new payment protocols that could finally help mitigate fraud.

In a new report from BI Intelligence, we look at how the dynamics of fraud are shifting across in-store and online channels and explain the top new types of security that are gaining traction across each of these channels, including on Apple Pay.

Access the Full Report By Signing Up For A Risk-Free Membership Today >>

Here are some of the key takeaways:

In full, the report:

For full access to all BI Intelligence’s charts and data on the Payments Industry, sign up for a risk-free trial.

NOW WATCH: 14 things you didn’t know your iPhone headphones could do

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.