In-brief: Experian, the credit monitoring firm, predicts in a new report that many merchants will continue to suffer payment-related breaches in 2016, despite the shift to EMV technology from older, magnetic stripe credit cards.
chip and pin
In-brief: Ross Anderson of Cambridge University discusses the privacy and security risks of The Internet of Things at the Virus Bulletin Conference. Problems we already confront – such as ATM and mobile device security – may presage more widespread attacks on the IoT.
Add data security to the long list of issues on which U.S. President Barack Obama has resorted to unilateral action in order to push the government forward on a crucial matter. On Friday, President Obama signed an Executive Order directing the government to require the use of so-called “chip and PIN” technology for any newly issued or existing government debit and credit cards. The Order was intended to make the federal government “lead by example in securing transactions and sensitive data,” the White House said in a statement. The new BuySecure Initiative will provide consumers with more tools to secure their financial future by assisting victims of identity theft, improving the Government’s payment security as a customer and a provider, and accelerating the transition to stronger security technologies and the development of next-generation payment security tools. The Order launches a new initiative dubbed “BuySecure” intended to “drive the market towards more secure payment systems” […]
The FIDO Alliance, an up-and-coming industry consortium aimed at simplifying online identity and doing away with passwords added IPO darling Alibaba to its Board of Directors, according to a statement on Tuesday. The FIDO (or “Fast IDentity Online”) Alliance announced that Alibaba Group’s payments business, Alipay will be among the first to deploy FIDO technology for secure payments authentication. On September 17, the company announced that it will use Nok Nok Labs’ FIDO-compliant NNL™ S3 Authentication Suite to enable secure online payments via the Fingerprint Sensor (FPS) technology on the Samsung Galaxy S5. Alipay customers will be able to make payments and transfers using Alipay’s mobile application, Alipay Wallet by applying their fingerprint to the Galxy’s fingerprint sensor. “We look forward to participating on the FIDO Alliance board, and assuring that commerce and authentication are uniquely cooperative and seamlessly compatible,” said Ni Liang, Alibaba group, senior director, department of security, in a statement. Mobile payments […]
After years spent fighting pushes for more secure standards, the payment card industry and retailers are moving quickly to abandon magnetic stripe cards and embrace so-called ‘chip and pin’ technology. Credit card firms MasterCard and Visa plan to have most customers on the more secure chip and pin cards by October, 2015, according to a report in the Wall Street Journal. The move comes in the wake of a massive heist of account information for tens of millions of credit card holders from the systems of U.S. retailers including Target, Neiman Marcus and Michaels Stores. In an interview with MasterCard’s Carolyn Balfany, the Journal notes that company has set October, 2015 as the date for a “liability shift” – a change in policy that will hold the party in a fraudulent transaction liable for losses due to that transaction. The goal, said Balfany, is to try to encourage merchants and […]