From The Executive Director

Could Contactless Be Around the Corner?

The next wave of EMV chip cards is approaching, and it appears that the time has arrived for dual-interface cards. With the cards having both contact and contactless capability, consumers will likely appreciate a simple tap to pay. And while there’s not a measurable difference in transaction speed, it will feel like time is shaved off, because consumers can pay at any point, rather than waiting until their items are bagged. I write more about contactless in my letter this month.

 

STATEMENT ON THE EQUIFAX DATA BREACH FROM SECURE TECHNOLOGY ALLIANCE

It’s devastating that Equifax so severely mishandled the personal information of 143 million consumers. At a time when the U.S. payments industry is making significant investments to protect consumers from stolen card data, criminals are looking for new ways to commit fraud. Unfortunately, this enormous theft of consumer data is only going make it easier for criminals to commit new account fraud and account takeovers. Consumers should be vigilant in using the tools available to protect their personal credit information, including adding security freezes, reviewing all accounts regularly, and turning on alerts and multi-factor authentication whenever possible. Now it is more important than ever for organizations to implement more stringent identity proofing processes for consumers opening new accounts, applying for credit or conducting sensitive transactions. Equally important for organizations serving consumers is the implementation of advanced authentication techniques for consumers accessing existing accounts and for employees and other authorized parties accessing consumer data. The responsibility for preventing fraud lies with the organizations holding consumer information and granting privileges based on that information. Equifax failed at protecting consumer information. Now consumers and other organizations need to protect themselves from Equifax’s failure and ensure that they don’t become the next victims.

View the webinar: Smart Card Alliance Mission Expansion and Name Change