Law and regulation

To ensure safe, secure transactions that are protected against fraud, retailers moving to EMV have been encouraged by their POS partners to replace or upgrade the network infrastructure, says TNS' Brian DuCharme.

For the past several years, the concept of sharing transaction data between merchants, processors and issuers has been considered a good security measure to curb fraud. But someone has to compile and compare that data in such a way to not only stop fraud, but assure legitimate transactions are not declined.

With a growing number of new applications integrated into the fabric of banking and financial services businesses, security throughout the system becomes a critical success factor, says White Hat Security's Craig Hinkley.

The role of EMVCo — which is often seen as an extension of the card brands that deals only with chip-based EMV plastic cards— has come into sharper focus.

At a time when many have shifted to digital payments to weather the coronavirus pandemic, the four main U.S. credit card brands are aggressively expanding their own take on digital commerce.

Technology has helped banks expand globally, but complying with country-specific laws restricting data flows is a constant struggle.

The technology addresses both security and hygiene concerns, says Fingerprints' Lina Andolf-Orup.

More than a dozen large European banks plan to launch a payment system that would rival U.S. payment companies and technology firms, an idea that hasn’t worked in the past but may have a better chance given the current global health, economic and political crises.

The U.K.’s six major banking groups are now required to have implemented the new Confirmation of Payee (CoP) scheme for Faster Payments and Chaps as part of a regulatory push to tackle the rampant rise in Authorized Push Payment (APP) fraud.

An obscure-sounding statistic gives a fresh look at how dramatic the move to digital finance has been the past few months — and how permanent the move will be.