Mobile payments are the future, and so is a migration to EMV chip and PIN. But the financial industry has quite a few more investments in technology upgrades it needs to make before any significant movement can be made.
Richard Oliver says globalization and the advent of the Internet have been two of the most influential technology innovations to hit banking over the last three decades. But a number of outdated card technologies, such as the magnetic stripe, lingers and is exposing the payments industry to fraud.
Card fraud, globalization and emerging technology are pushing U.S. merchants and card issuers to take closer looks at the EMV chip standard, and the PCI Security Standards Council is helping to lead the charge.
This week's top news and views: The arrest of 53 suspects charged with a sophisticated identity theft and fraud scheme gets the attention of federal agents, and the message from the PCI Security Standards Council's annual North American Community Meeting: "Stolen Credit Card Information Is a Commodity That Has Worth."