The card is intended for European and other markets where the EMV standard is widespread.

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Another reason the U.S. ranks high on the fraud list: It is not on the EMV standard.

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Similarly the NFC Forum and EMV Co are organizations that are working towards interoperability and mobile payment standards, respectively.

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The new LeafPresenter also makes Near Field Communication (NFC), Europay, Mastercard and Visa (EMV) and gift card support standard features.

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This shift in liability will hold that an issuer or merchant who does not support EMV will assume the liability for counterfeit card transactions.

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In recent years, this "EMV" chip technology has become the global standard for credit cards, but the United States has been slow to adopt it.

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We are starting to see an evolution from typical static magnetic stripes cards to more intelligent devices such as EMV chip cards and NFC mobile phones.

FORBES: EMV Chip Technology, Secure Electronic Payments

Missing from the often-cited standards are specific references to many technologies that the security industry has long been pushing card companies to adopt: EMV (Chip and PIN), End-to-End (E2E) encryption, tokenization and virtualization.

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Since then, most European nations as well as Japan and Canada have adopted this so-called EMV international credit card standard and abandoned magnetic stripe credit cards for chip-and-pin cards in the process.

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In particular, retailers are less convinced of the benefits of NFC payments over existing card technologies and are unwilling to invest in contactless infrastructure so soon after the transition to EMV cards, said Juniper.

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Visa is paving the way to increase the security of mobile payments by quickening the migration to EMV contact and contactless chip technology in the US. The EMV technology will speed up adoption of mobile payments.

FORBES: EMV Chip Technology, Secure Electronic Payments

While the EMV (Europay, MasterCard and Visa) consortium looks to have a new system implemented in the US by October 2015, there are a number of hurdles with cost probably being the largest one to overcome.

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