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Common Myths: Mobile Data Security and Universal Commerce

June 4, 2013

As consumers demand greater access to information, offers and payment functionality—anytime, anywhere—the lines between in-store commerce, eCommerce and mobile commerce are blurring. In this emerging Universal Commerce environment, it is therefore crucial to accurately identify potential new vulnerabilities and build effective defenses to stay ahead of data thieves. This short quiz will help us explore some of the myths and realities of security in the age of Universal Commerce.

Fact or Fiction: Fraudsters will actively look to siphon account information from phones and EMV cards.

Answer: Fact AND Fiction.
For passive devices like contactless cards, this is technically possible for criminals to do by picking a consumer’s pocket and attempting to circumvent the devices’ security features. However, it is practically unlikely and has compensating controls to prevent it from being an efficient method of data theft. For active devices (e.g., smartphones, tablets) with secure elements, remote data removal and encryptions, this is unlikely, and to reach the information, it would require a device-level “hack” to penetrate the layers of security. (more…)

“Yes, We Accept Checks!”

June 4, 2013

Those of us in the payments industry may often think “electronic is better,” but there are still those who prefer paper. Specifically: checks. 91 percent of U.S. consumers use checks, which is more than any other form of payment?1 In fact, the average U.S. consumer writes over five checks per month for retail payments, and 22 percent of total U.S. non-cash payments were made by check in 2010.2

However, checks often shift risk and hassle onto merchants who have to transport them to the bank, deal with bounced checks and worry about fraud.

Luckily, new advances in check acceptance technology make it safer and easier than ever before to include checks as a customer payment choice. These technologies provide merchants with more secure and convenient options when deciding whether and how to accept checks. (more…)