As banks and credit unions assess online risk, in light of the updated guidance from the FFIEC, financial fraud analyst Tom Wills says they should consider mobile as a viable layer for out-of-band authentication.
Debit fraud and skimming are growing problems, and they're why California-based Fremont Bank is switching from mag-stripe to chip-based debit cards, says Chris Olson, the bank's chief operating and enterprise risk officer.
A months-long investigation led Australian investigators to more than 50 stolen POS terminals, dozens of card skimmers and more than 18,000 blank and counterfeit cards. So far, 25 people have been arrested and charged for their parts in the alleged scheme.
Eduardo Perez says, simply, the "time was right" for Visa's introduction of chip-based payments incentives for U.S. merchants. Visa's new mobile-to-EMV program offers PCI-audit-compliance waivers to qualified merchants who implement dual-interface contact and contactless acceptance.
Adoption of chip technology will not only help the U.S. payments infrastructure prepare for expected acceleration in mobile-based payments, Visa says, but will improve transaction security by providing dynamic authentication.
Bob Russo says the long-awaited PCI guidance on tokenization should provide merchants with a baseline for standardization and best practices, and serve as a roadmap for how tokenization can complement compliance with the PCI-DSS.