Aite's McNelley says financial institutions will have to partner with existing innovators and vendors that specialize in mobile commerce if they want to keep up.
"What's interesting is that the criminals are now using cryptographic technology to protect the card information they steal, and that's posing challenges for detection and law enforcement," says Jeremy King of the PCI Security Standards Council.
"As more channels connect to ACH, it will become the preferred route for banks to process transactions," says Steve Kenneally of the American Bankers Association.
Understanding the contact versus contactless variables for an implementation of EMV in U.S. is the first step, says Smart Card Alliance's executive director.
"This seems to have been possible by the lack of a secure online banking environment provided by our former bank," says Jim Payne, Choice Escrow's manager of business development.
The House has joined the Senate in approving legislation that would exempt certain businesses, including physician practices and apparently many hospitals, from the Identity Theft Red Flags Rule.
"Where mobile payments are concerned, I don't want to say banks will be taken to the cleaners, but I think that's where their biggest threat is," says Avivah Litan of Gartner.
The Senate, by unanimous consent, on Tuesday approved legislation that its sponsors say would exempt "small businesses," including physician practices, from the Identity Theft Red Flags Rule.
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