7 Mobile Security Ideas Visa, MC and Amex Should Watch
Published October 4, 2013 3:41 PM
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Updated October 20, 2016 10:44 AM
1 Min Read
Visa, MasterCard and American Express are seeking ways to replace account numbers for digital payments . As they research possibilities, they can learn from the many existing and developing technologies that already accomplish much of what the card networks want. (Image: ShutterStock )
Secure Cloud
The Clearing House's member banks are developing a system called Secure Cloud , which blocks merchants and other parties from viewing account information. If this mobile-payments initiative takes off, only banks would be able to view card account information. Mobile wallets would use a token instead of a card number at the point of sale. (Image: ShutterStock )
ZooZ
ZooZ's technology tokenizes payment data and stores it in the cloud, permitting payments only on the mobile device the shopper used to sign up. "You need the device," CEO Oren Levy says. If hackers somehow steal the token, "they have only pieces of data that mean nothing" if they don't have the device, he says. (Image: ShutterStock )
Craig Warga/Bloomberg
Apple
Apple's iCloud Keychain encrypts passwords for use across multiple Apple devices and can store credit card details such as account numbers and expiration dates. Apple's latest iPhone also lets owners use a fingerprint in place of typical payment credentials when making an iTunes purchase from that device. (Image: Bloomberg News)
Matt Stroshane/Bloomberg
Disney
Walt Disney World's Key to the World card replaces account details with a static token used with special contactless card readers throughout its theme parks and hotels. The latest incarnation of this technology, the Magic Band wristband , works in conjunction with Disney's mobile app. (Image: Bloomberg News)
Armory
Armory Technologies Inc., founded by missile defense expert Alan Reiner, puts security above all else. Its "cold storage" bitcoin wallet protects user data by storing it on a computer that never touches the Internet. This is a "holy grail feature" in security, he says, but it's not as practical for everyday consumers. (Image: ShutterStock )
david franklin/Getty Images/iStockphoto
clearXchange, Popmoney
The big banks' clearXchange and Fiserv's Popmoney allow consumers to send person-to-person payments using an email address or phone number only the banks know each person's account number. (Image: ThinkStock)
FIDO Alliance
MasterCard is already involved in the FIDO Alliance as part of an effort to use new technologies such as biometric data for online and mobile purchasing. Other FIDO members include PayPal and handset makers Google and BlackBerry. (Image: ShutterStock )
