Data security

More people than ever are becoming aware of the impact of data breaches and the resulting fraud. But what about the rest of the fraud types: internal fraud, account takeover, elder abuse and even the old generic scam?

Mobile tech providers are racing to incorporate EMV chip-and-PIN or chip-and-signature security into their offerings. But many of these companies are taking fundamentally different approaches to linking EMV and mobile technology.

In what amounts to eliminating password use and evolving the Verified by Visa and SecureCode online authentication processes, MasterCard says a new security protocol it is developing with Visa could be implemented next year.

Square Inc. may have more incentive than other acquirers in urging merchant clients to accept EMV-chip cards, but its pricing strategy could deter some from adopting the secure technology.

Third-party vendors will receive a lot more security scrutiny under new Payment Card Industry security requirements taking hold next year, if merchants are vigilant in following the new compliance guidelines.

Mocapay and Merchant Link are partnering to offer a bundle of mobile payments services that includes data-driven security and loyalty programs, both areas that have held back merchant uptake in the past.

Security passwords that have become common for e-commerce transactions and financial accounts translate poorly to mobile devices, fueling consumers' bad habits regarding weak or reused passwords.

This is an exciting time to be in the payments industry. The U.S. deadline for the EMV chip-and-PIN migration is officially less than one year away, and Apple Pay recently became available to iPhone 6 and iPhone 6 Plus users.

Apple Pay and the card networks' support is boosting tokenization as a security option for mobile payments, though fraud trends suggest an even more layered approach will be necessary.

Home Depot Inc., which suffered a data breach between April and September, said 53 million e-mail addresses were taken by hackers during the attack, in addition to the 56 million payment cards that were previously disclosed.

Visa Europe may find itself in a damage control mode after researchers say they found a flaw in the brand's contactless cards, but the organization is expressing confidence in its security.

As Apple and the Merchant Customer Exchange battle it out over smartphone-based payments, Royal Bank of Canada and MasterCard are jumping past the phone to cement their roles in the fast-growing market for wearable payments.

Tokenization, a security method that eliminates account data from exposure, is fast becoming linked to the advancement of mobile payments. American Express' latest service is designed to push both technologies along.

The PCI Security Standards Council on has released updated standards on ways to promote company-wide security awareness.

Fraudsters are quickly developing a way to sidestep EMV-chip security ahead of the U.S. card networks' October 2015 deadline for adopting the technology.

The Merchant Customer Exchange is informing individuals and businesses involved in the testing the venture's CurrentC mobile payment system that "unauthorized third parties" have obtained some of their email addresses.

Even after partnering with MasterCard, Zwipe has a long journey ahead before its contactless cards with fingerprint authentication see mass adoption. But the high-tech cards have the potential to suppress fraud and deter security breaches beyond what traditional EMV-chip cards can do.

With the EMV migration in the U.S. in full swing, fraud is making its own migration to card-not-present (CNP) transactions, and one way to thwart the fraudsters is a digitized card security code—provided the technology can be produced for a mass audience.

Apple Pay's launch coincided with the start of SourceMedia's PayThink conference in Phoenix, where executives from many banks and other financial companies provided their impressions of Apple's new mobile wallet.

Even though U.S. merchants and acquirers have known about the looming deadline for EMV-chip card adoption for three years, their progress has been slow.