Bellas & Wachowski
Bellas & Wachowski
Attorneys at Law

The United States is #1 in the World for Credit Card Fraud

The United States now leads the world in a new category, though I don't foresee chants of "USA USA" or "We're No. 1! We're No. 1!" because of it.

In 2013, a study by Javelin Strategy & Research found that the cost of payment card fraud rose to $11 billion from $8 billion in 2012, the highest in the world. According to a report in Independent Banker, U.S. payment card fraud accounts for nearly half of all such fraud worldwide, though only 27 percent of all credit card transactions take place here.

Other countries are ahead of the United States in the adoption of EMV cards, which can drastically reduce the costs of payment card fraud. Since the United Kingdom adopted the EMV standard in 2004, such fraud has fallen by more than 60 percent.

In the United States-the only major industrial country that has yet to adopt EMV- payment card fraud costs are expected to continue to increase until October 2015, when EMV payment card standards are fully embraced.

The EMV standard-named for its creators, Europay, MasterCard and Visa- includes a computer chip embedded in every credit or debit card. Each time an EMV card is used, it creates a code unique to that transaction. With the current magnetic stripe card now used by most Americans, the information stored on that stripe never changes. A thief who manages to copy that information can use it until the card is canceled. A thief who steals information from an EMV card transaction has broken the law for no purpose. The information cannot be used for another transaction.

The change to EMV cards brings with it a shift in liability for payment card fraud. Right now, the card issuer is generally liable for any fraudulent transaction. After Oct. 1, 2015, that will no longer be the case. Any retailer who fails to change its systems to accept EMV cards will bear the costs of any fraudulent use of an EMV card.

Small business owners have plenty of time to prepare for the change. Chase has prepared a FAQ outlining what retailers need to know about the switch and your financial institution should be able to assist you in getting started.


Attorneys Who Care About Their Clients


At Bellas & Wachowski our focus is always on achieving the best results for our clients. We have developed many innovative methods to provide our clients with added protection. For example, in our personal injury work, we take a unique Total Guard Approach that ensures clients' finances will be protected during litigation. And in our business law section, we offer a Corporate Maintenance Plan that helps maintain a business's corporate standing.




Bellas & Wachowski
15 North Northwest Highway
Our Attorneys
George S. Bellas
Peter C. Wachowski
William Peter Boznos
 Misty J. Cygan
Vicki Hathaway Gonzalez
Patrick Andes

B & W News

George was appointed a Special Assistant Attorney General to defend a Circuit Court Judge who was charged in a federal civil lawsuit with discriminatory conduct.  The Complaint was dismissed.


Once again George has been recognized in Chicago Magazine as an Illinois Super Lawyer for his work in business litigation.  This recognition is based on the voting of other lawyers. 


George had another article published in the State Bar newsletter regarding the consequences of publishing a litigant's personal information in a pending lawsuit.

Check out George's Biz Blog.