When more U.S. issuers and merchants start using EMV-chip cards to improve security at the point of sale, fraud will likely surge online.

This is what happened in the U.K., which adopted EMV technology in 2005 and saw card-not-present rise 54% from 2006 to 2008, reaching £328.4 million before finally going down as financial institutions and merchants addressed the fraud occurring online, said Julie Conroy, an Aite Group researcher and fraud expert. In 2013, the U.K. dealt with e-commerce fraud losses of £301 million.

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