August 24, 2016
White Paper: Advice for Issuers on Payment Security
Aug. 11, 2014
A new white paper from payment processor TSYS urges credit-card issuers to protect themselves by building a stronger payments ecosystem and educate their customers about the steps they are taking to protect transactions. The paper noted that consumers often blame merchants for security breaches, but expect their card issuers to notify and guide them through the recovery process.
TSYS said a stronger ecosystem can only come from a layered security approach that includes card-present and card-not-present transactions. The company suggests a combination of EMV, 3D Secure and tokenization to bolster the payments environment.
“3D Secure is not a silver bullet for eliminating card fraud, but it creates a powerful value proposition when used in conjunction with EMV chip-and-PIN technology,” the authors wrote in the report. “It provide issuers and merchants more control by allowing them to better assess transaction risks and authenticate cardholder identities online.”