GREENSBORO, N.C. – Love them or hate them, here’s what you need to know one year after the US switched to these chip-enabled credits cards. Both Visa and MasterCard report fraud is down.

According to Visa, counterfeit fraud at businesses able to process chip transactions dipped 47 percent in May compared to the year before. MasterCard found fraud dropped 54 percent in April versus the same time last year.

The national retail federation says among those who participated in their survey: 86 percent have already put equipment in place or plan to be ready to process chip transactions by the end of this year.

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