Group Publishes Road Map for U.S. Payments Security
Dec. 22, 2014
The Payments Security Task Force, a cross-industry group of U.S. payment networks, issuing and acquiring banks, merchants and others, has released a strategic road map for all the stakeholders in the electronic payments space. It outlines the state of the security landscape as it exists now, the technology available to secure payments and recommendations for each of the stakeholder groups.
The task force identified the implementation of chip technology as the near term goal, with an increasing reliance on tokenization and encryption moving forward. It also offers advice on how each group represented in the task force (merchants, acquirers/processors, issuers, payments systems, integrators and value-added resellers) can interact with each technology.
While the report focused on chip, it did envision a future beyond that when the focus must turn to the CNP world:
“As chip penetration increases in the U.S., the role of authentication will also increase as more industry focus is concentrated on reducing CNP fraud,” the authors wrote. ” Existing frameworks for 3-D Secure will be enhanced to offer more robust and dynamic forms of authentication. Current protocol specifications will likely evolve toward device ID collection and communication. Similarly, these specifications could evolve to support authentication of in-app purchases and the identification and verification frameworks for tokens.”