SALT LAKE CITY, Feb. 5, 2014 (GLOBE NEWSWIRE) -- 2014 Payments Summit -- As the U.S. moves to EMV chip technology to significantly curb counterfeit card fraud at the retail point of sale (POS), criminals may turn their attention to committing card-not-present (CNP) fraud via online or telephone channels. Methods for securely authenticating CNP transactions and preventing fraud is the topic of a new white paper from the Smart Card Alliance Payments Council , "Card-Not-Present Fraud: A Primer on Trends and Transaction Authentication Processes."
"Criminals will often go after the weakest link in the chain. Many countries that have implemented EMV chip payments have reported fraudsters shifting their attention away from the physical POS to e-commerce channels where it's much easier to make fraudulent purchases," said Randy Vanderhoof, executive director of the Smart Card Alliance. "It's important that the U.S. payments industry be proactive and evaluate ways to strengthen the security of CNP channels at the same time as we migrate to higher levels of security in-store with EMV chip technology. This white paper is a good primer for that evaluation."
The white paper, available for free download at http://www.smartcardalliance.org/pages/public...-processes , provides:
- An overview of the predicted growth of CNP transactions due to increasing popularity of e-commerce transactions and the migration of EMV chip payments
- Examples of authentication methods that provide a channel through which the cardholder can be verified, adding additional security for CNP transactions
- A discussion on frequency and types of card fraud, including first-party fraud, CNP fraud, counterfeit fraud, lost and stolen card fraud, mail and non-receipt fraud and identity theft
- An analysis of CNP fraud trends in U.K., France and Australia at different stages of EMV implementation
The U.S. migration to EMV chip technology and fraud are agenda topics at the 2014 Smart Card Alliance Payments Summit, being held this week through Feb. 7 in Salt Lake City. The three-day Payments Summit features senior experts from all three leading payments transaction infrastructures: EMV card payments, mobile payments and transit payments. More information can be found at http://www.scapayments.com .
Additional resources from the Smart Card Alliance Payments Council can be found at: http://www.smartcardalliance.org/pages/activi...s-payments .
White Paper Contributors
Participants involved in the development of the "Card-Not-Present Fraud: A Primer on Trends and Transaction Authentication Processes" white paper included: ABnote; Capgemini; CH2M HILL; CPI Card Group; First Data Corporation; Gemalto; Giesecke & Devrient; Heartland Payment Systems; INSIDE Secure; MasterCard; NXP Semiconductors; Oberthur Technologies; SHAZAM; TSYS; Vantiv; Visa Inc.
About the Smart Card Alliance Payments Council
The Smart Card Alliance Payments Council focuses on facilitating the adoption of chip-enabled payments and payment applications in the U.S. through education programs for consumers, merchants, issuers, acquirers/processors, government regulators, mobile telecommunications providers and payments service providers. The group is bringing together payments industry stakeholders, including payments industry leaders, merchants and suppliers, and is working on projects related to implementing EMV, contactless payments, NFC-enabled payments and applications, mobile payments, and chip-enabled e-commerce. The Council's primary goal is to inform and educate the market about the value of chip-enabled payments in improving the security of the payments infrastructure and in enhancing the value of payments and payment-related applications for industry stakeholders. Council participation is open to any Smart Card Alliance member who wishes to contribute to the Council projects.
About the Smart Card Alliance
The Smart Card Alliance is a not-for-profit, multi-industry association working to stimulate the understanding, adoption, use and widespread application of smart card technology.
Through specific projects such as education programs, market research, advocacy, industry relations and open forums, the Alliance keeps its members connected to industry leaders and innovative thought. The Alliance is the single industry voice for smart cards, leading industry discussion on the impact and value of smart cards in the U.S. and Latin America. For more information please visit http://www.smartcardalliance.org .
Megan Shamas Montner & Associates Tech PR 203-226-9290
