NPCI's new unified payment interface for smartphones aims to simplify mobile money transfer through a single interface. But can it truly ensure a secure transaction through single-factor authentication?
New exploits linked to Apple Pay aren't compromising the mobile device's security, but instead are taking advantage of lax authentication practices used by banking institutions to verify cards that are loaded to the iPhone for Apple Pay purchases.
NACHA is already laying the groundwork that will help make the Federal Reserve's faster payment plan a reality while ensuring security and reducing fraud, says Jan Estep, NACHA's president and CEO, in an exclusive interview.
Despite commitments by leading payment card brands to enhance security, some critics say the White House cybersecurity summit produced no specifics for how the public and private sectors will curb cyber-fraud.
The White House Summit on Cybersecurity and Consumer Protection late last week served as the stage for more than a dozen companies and trade groups to announce new initiatives aimed at securing Internet transactions and payments and reducing fraud.
On the heels of the FFIEC's new business continuity guidelines, Deputy Comptroller Beth Dugan hints that new guidance related to cybersecurity risks affecting payments and mobile transactions may be coming.
The Federal Reserve, which just two weeks ago announced a plan for faster and more secure payments, now says it's prepared to play a more hands-on role if private sector progress with the rollout lags.
PINS can effectively reduce card-not-present as well as card-present fraud, argues Liz Garner of the Merchant Advisory Group, who will be a featured speaker at Information Security Media Group's upcoming Fraud Summit Los Angeles.
Visa executive Kimberly Lawrence contends that the ongoing U.S. migration to EMV is progressing more rapidly than in other markets that have made the transition, requiring outside-the-box rules for debit transactions and cardholder verification.
The Federal Reserve's just-released plan for faster payments and technology standardization, while applicable to ACH and wire transactions, won't easily translate for card payments, says Troy Leach of the PCI Security Standards Council.
ICICI Bank has launched a new payments service to enable customers transfer funds via twitter. Can it ensure a secure transaction and reach its goal of enabling Gen Y to leverage the service effectively?