Australia has been transitioning to EMV (Europay, MasterCard, Visa) payment cards, which have a microchip with advanced cryptographic capabilities designed to deter fraud. The EMV system, developed in the mid-1990s, has been deployed throughout Europe and in some other countries. The situation could foreshadow difficulties with EMV adoption in the much-larger U.S. market, with a population of more than 300 million people and upwards of 6,000 financial institutions. While EMV in Australia has resulted in declines in some kinds of fraud, other types of fraud have increased.”]