As part of its ongoing push toward cashless payments, India is taking steps to ramp up the use of contactless payments, which are already becoming more common in Japan, South Korea, Australia, the U.K. and the U.S. What can be done to balance security vs. convenience?
The Reserve Bank of India intends to do away with the one-time password authentication process for online transactions. In a step in that direction, for the first time, it's allowing widespread tokenization of debit, credit and prepaid card transactions to enhance the safety of digital payments.
Although the Reserve Bank of India mandated that banks complete the shift from magnetic stripe debit and credit cards to EMV chip-and-PIN cards by Jan. 1 to help reduce fraud, there's still plenty of work to be done.
Payments technology changes rapidly, but cybercriminal techniques are having no trouble staying one step ahead. As the use of stolen data and fraudulent cards becomes more difficult, criminals are now shifting their focus to customer payment transaction data. The risk of data theft is very real. To stay ahead,...
In 2019, an estimated 10% of the dollar value that reaches online
checkout will fail payment authorization, resulting in
approximately $340 billion worth of potential eCommerce revenue
going unrealized. An estimated 70% of these orders are placed by
legitimate customers who can afford the purchase.
Although some global payment organizations apparently have failed to meet the Bank of India's October 15 deadline for storing all Indians' payment data domestically, the nation's central bank reportedly has ruled out extending the deadline and is demanding a status report.
In an increasingly digital world, where players from virtually all sectors are racing to innovate, the risk of data theft is very real. The payment card industry has defined standards for protecting cardholder account data. But what about other data types? And what can be learned from payment card industry standards?...
With a growing array of digital channels available, customers seemingly have infinite possibilities for how they choose to do business as evidenced by the more than 200% growth in mobile transactions in the last three years. Winning in this new era means rising to the challenge of meeting an entirely new set of...
3D Secure 2.0 is expected to have a profound impact on the payments industry by accelerating digital commerce and offering a better user experience with increased fraud protection for card-not-present transactions. Yet, issuers, payment processors, and merchants continue to struggle with many questions on the road to...
IoT devices are increasingly becoming a way to pay for goods and services, shifting the "internet of things" to the "internet of transactions." Gord Jamieson of Visa Canada discusses steps the card network is taking to ensure these payments are secure.
The scale of connectedness we're experiencing is unprecedented. The pace of change and technology advancement in recent years could be compared to another industrial revolution. But the connectedness that allowed us to bring the power and security of the Visa network to each transaction in real time, also created the...
When taking steps to guard against fraudulent transactions through contactless payments, organizations must carefully balance the level of security versus customer convenience, says Sriram Natarajan, COO at Quatrro.
The solution providers in the fraud solution industry offer logic
designed to track users and prevent malicious activity by
capturing and analyzing behavioral characteristics across
the entire session, from login to check out and everything in
between. These solutions compare known customer behavior
in the case...
The fight against fraud in a cashless economy requires investments in technologies that can offer early warning signals, says Bharat Panchal, senior vice president and head of risk management at National Payment Corporation of India.