Guy Weber, risk manager, SIX Card
Solutions says:
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“2011 has seen much in the way of payment
innovations, with the momentum behind mobile and NFC payments
generating great interest.
Therefore, as technology advances, security
concerns will definitely remain high on the agenda for 2012.
For one, the fight against Card Not Present
fraud will take a positive turn as strides are made towards
creating a full 3-D Secure environment in the e-commerce space.
2011 has also been a favourable year for the
industry in terms of the role of EMV in the battle against
counterfeit fraud.
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By GlobalDataThis was proven by the statistics issued by
Financial Fraud Action UK, which showed that UK card fraud losses
in the first half of 2011 were at their lowest in 11 years.
With this in mind, if there were one
overriding prediction for the New Year, it would be that 2012 will
be the year that the United States makes EMV mainstream.
There has long been an aversion to Chip and PIN in America,
namely due to the expense its adoption would ensue, but also the
infamous US love of the magnetic stripe.
It would appear, however, that the tides are turning, as
illustrated by a number of high profile initiatives aimed at
encouraging EMV migration in the US.”
