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When it comes to card fraud, much is made of initiatives such as the payment
industry’s PCI standards, which aim to increase the controls around financial
data and its exposure to compromise. Protecting data on the back-end is a
valuable and important measure to take. However, criminals are always coming up
with new and inventive ways to hack into systems, and the data security of the
payments industry is only as strong as its weakest link. The evidence shows that
even big players can have problems, but what about the risks introduced by the
many thousands of small Web merchants accepting online payment? What about the
threats from phishing and financial malware?
Wouldn’t a better strategy be to make the payment account information criminals steal useless? That is what smart bank cards do - render stolen card information useless. It is something magnetic stripe cards can never do.
U.S. payment industry stakeholders need to look at the problem of exported fraud reported in the U.K. and elsewhere, as well as recent data breaches, as warnings that foreign-based international fraudsters are continuing to head their way. Strong consideration needs to be given to a strategy to migrate to EMV over a period of time, as other countries have done, to mitigate costs.
Offering EMV cards to American international travelers would be a good starting point, providing immediate advantages to those cardholders without requiring changes to the U.S. acceptance infrastructure.
All the stakeholders in the payments industry - merchants, issuers and acquirers - need to bring this topic to the center of their industry groups. Collectively we need to engage in constructive and serious conversation about how to migrate the U.S. payments industry to a more secure technology footing.
The journey is long, but we will never arrive if we do not start.
Jack Jania is vice president and general manager of Secure Transactions,
Gemalto North America
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