Data security

With 63% of all data breaches resulting from stolen, weak or default passwords, and recent compromises targeting millions of stored passwords, Fast Identity Online Alliance members say the time is now for device manufacturers and e-commerce merchants to embrace new authorization technology.

One of the supposed perks of EMV chip-card upgrades was that the process would enable more modern payment options such as mobile wallets. In practice, however, EMV is closing as many doors as it opens.

Following a similar move from Visa last week, MasterCard is streamlining EMV certification and will adjust its fraud-cost policy for non-EMV compatible merchants.

Changing the rules in the middle of the game. Rescuing the investors who took big risks at the expense of those who behaved prudently. Undermining the credibility of the system.

As sexy as decentralized systems and automation are these days, human involvement is still necessary in many areas.

The answer may be no, according to federal regulators. Their new guidelines on mobile security include other surprises, too, such as specific requirements tied to geolocation, security tests and cross-site scripting.

Visa is acknowledging a merchant EMV migration logjam by loosening fraud chargeback policies and enabling faster chip card certifications for merchants.

Despite some early success, it can’t be ignored that there are still many merchants that cannot accept EMV chip cards.

American Express has joined Visa and MasterCard as a major card brand offering faster authorization at the point of sale to ease the perception that EMV payments take too long.

If banks don't weigh in on an appropriate privacy standard, they risk letting outside events spark onerous new regulations.