Richard Oliver says globalization and the advent of the Internet have been two of the most influential technology innovations to hit banking over the last three decades. But a number of outdated card technologies, such as the magnetic stripe, lingers and is exposing the payments industry to fraud.
This week's top news and views: Version 2.0 of the PCI Data Security Standard hits the streets and takes effect Jan. 1. And Identity theft is on the rise, and a new study from FinCEN finds that it's not cyberattacks that are compromising most consumers -- it's family and friends.
Card fraud, globalization and emerging technology are pushing U.S. merchants and card issuers to take closer looks at the EMV chip standard, and the PCI Security Standards Council is helping to lead the charge.