US Payment Systems To Change Slowly Following Numerous Major Data Breaches
Even EMV Chips Are Far From Guaranteed As The Successor To The Swipe and PIN Approach
The scope and nature of the events have certainly caught the attention of the payments industry as well. After years of resistance and delay with regard to changes that would introduce more secure payment methods into the American financial landscape, experts are now seeing movement. Specific messages and moves are analyzed in this article from PaymentsViews (http://paymentsviews.com/emv-data-breaches-and-the-pace-of-change-in-payments), an opinion page maintained by Glenbrook Partners, a payments industry strategy consulting and research firm.
In it, the author, George Peabody and his colleague at Glenbrook, Scott Loftesness discuss their perceptions of and "work through some hot issues … about the sometimes unfortunate pace, and instigation, of payments industry change". It is apparent they share a unique perspective on the entire industry and it leads to some interesting observations and conclusions.
In fact, their main discussion point is the projected introduction of the EMV chip as a means of adding security to the system. They touch on mobile payments and contactless payments as well, with an explicit mention of the situation previously cited by CARMick Products as a stumbling block, the failure of Apple to support the NFC protocol.
For CARMick Products, the most telling outcomes of the discussion are:
• Adoption will be slowed as long as technology is introduced as a vehicle for strategic advantage (which has most often been the case for the past few decades)
• Adoption will be slowed as long as there is no clear cost to the merchants for NOT adopting the new POS terminals
• Clear agreement is required on a number of legal and technical issues to ensure clear lines of responsibility and control for payment routing
Until such time as these are addressed, it is apparent no clear solution will be found. According to the consultants, it may require regulatory intervention and government mandates to ensure the public is better protected.
Rick Dondo, President of CARMick Products said "We continue to expect the presence of the ubiquitous payment cards, credit, debit, etc., for a number of years to come. Some of them will contain the proximity payment technology in anticipation of its wider use. Each and every one of those cards poses a threat to personal security by being a target for Identity Theft and fraud. These crimes will continue to be possible through the use of ePickpocketing, digital pickpocketing, rogue scanning and other related techniques. We predict the need for our RFID blocking sleeves will persist for the time it takes to identify and deploy a clearly superior and better-secured nation-wide payments system."
CARMick Products credit card holder products remain on offer at Amazon.com and are found here http://www.amazon.com/dp/B00C9NJ0VG.
About CARMick Products
CARMick Products of Beaverton, OR, is a growing presence in the consumer goods and retail industry, focusing its sales and marketing efforts in the electronic marketplace provided by Amazon. The company is dedicated to providing a variety of high-quality consumer and retail items targeting the growing consumer need for identity protection with a focus on preserving the privacy of the electronic data carried about in pockets, purses and wallets by nearly everyone. More information about CARMick Products, is available from their Facebook page .
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