Investment

The U.S. shift to EMV-chip card security hasn't been smooth. Many companies saw the card networks' Oct. 1, 2015 fraud liability shift date as a starting point rather than a deadline, and even the companies that thought they would be unaffected by the EMV transition found themselves dealing with major headaches.

Bashas' Inc., Arizona's largest independent grocery chain, was certain it was prepared for the October 2015 EMV liability shift. After all, it had begun purchasing terminals for all of its 1,400 checkout lanes a year in advance.

Verified by Visa — which typically functioned as a way to improve security by adding a password to the online payment process — is phasing out the use of static passwords. Visa's plan is a chance to improve the standard for authenticating online commerce.

Banks continue to gather ID documents manually from would-be customers, even ones who sought to open accounts online. Bringing the manual process into the digital age is the goal of several startups.

Replacing gas pump hardware is a big, disruptive move for any fuel seller, but with the sector's EMV liability shift only a year away, more companies are facing the inevitable.

Cloud-based technology is bringing mobile shopping and payments to more companies, but it also increases risk due to the complexity of how these more open and remote technology tools get used.

In order to successfully and scalably combat card-related fraud and digital payments hacking, organizations need to rely less on standards like EMV and PAN/PRN, and recognize today’s currency is no longer just about money.

There's no tech solution in the world that can prevent cybersecurity attacks. To mitigate risks, however, banks can apply four controls after they first determine their risk tolerances.

Troy Leach, chief technology officer for the PCI Council, sat down with PaymentsSource to reflect on the council's performance to date and where it is headed in the coming years.

Mixed messaging on fin tech doesn't just emanate from the halls of Congress. It can also be found at the regulatory level as well.