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?
As a result of President Obama's "Buy Secure" initiative, the federal government this month is kicking off its chip-and-PIN rollout. Fraud experts now debate what impact the move will have on banks' EMV chip-card strategies.
Is Amazon India on the verge of extending its online payments gateway to offline sellers and kiranas? And if so, what are the potential business implications and security risks for Indian organizations?
Banking experts disagree about whether the Supreme Court's decision to uphold the Fed's debit interchange fee structure will have an impact on financial institutions' EMV investments and long-term fraud prevention strategies.