Money20/20 kicked off yesterday with a perpetual buzz surrounding payments security. This tweet from Dave Birch perfectly sums up what we’ve been hearing in the overflowing conference halls:
It’s no wonder that authentication and privacy are hot topics. Consumers are demanding to know their account data is safe and transactions are secure as the number of data breaches soars higher each year. These breaches can put the reputation of retailers and card issuers at stake, which means security is paramount, and everyone in the industry is taking it seriously.
We’ve noted some key takeaways from Monday’s talks about payments security at Money20/20:
- EMV is the baseline for security – and provides a foundation for future payment advancements.
- As complementary technologies to EMV, we can use tokenization and encryption to keep PAN and additional data secure.
- For mobile payment schemes, the chosen method of authentication is becoming an important point of distinction.
- The entire payments industry is heading towards multiple layers of security that use EMV and authentication. A future question we may be asking ourselves, “How many levels of authentication does this transaction have?”
- Future conversations will likely confront the question of storing tokens and how to secure token vaults, which is a question that each payment scheme must answer and build into its business model.
- Online fraud (CNP fraud) is still an outlying concern that needs addressing. Mobile EMV that utilizes a secure element could emulate a card-present transaction to help against CNP fraud . Adding tokenization to secure the PAN will provide even an additional level of security whether the data is stored or in transit.
Stay tuned for more from Money20/20 tomorrow. As we head into day 2, we’ll keep you updated on the latest NFC news. And follow us on @Gemalto_NA for more.
