'There is no business case [in New Zealand] to move to chip on fraud [ground] alone ' there has got to be something more to add value to the customer.'

Malaysia used to have one of the highest fraud rates globally before the government decided that the country should migrate to chip cards, and they did it within a couple of years, said Jamieson.

However, fraud doesn't go away. It just goes to go places that are easier to attack, he said.

'What we noticed was that as fraud dropped in Malaysia, fraud increased in Thailand, across the border,' he said. 'So, my message to the New Zealand community is that we might not have a problem now, but if other countries decide to move to 'chip', the fraudsters are going to look for places that are easier to attack and, at the moment, we don't have chip cards. It's easier to attack a bank in New Zealand than one in Malaysia or Japan that has implemented chip technology.'

Jamieson thinks that banks in New Zealand will start moving towards the EMV-standard in the next 12 months.