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23/10/2009 -
The future of the payment processing industry may lie with contactless payments, said a recent report from the Smart Card Alliance."As new payment technologies are introduced and new fraud prevention and detection techniques are implemented, criminals look for the new weakest point in the system to exploit," the report read. "The current weakest link for card fraud is the magnetic stripe payments infrastructure."
One way to eliminate that vulnerability is through the use of chip and PIN technology and contactless payments, which can prevent credit card processing fraud techniques such as skimming and counterfeiting, said the report.
While chip and PIN and contactless technology has been increasingly adopted in other countries, the U.S. is significantly behind in its implementation, the alliance noted, calling for further investments by merchants, acquirers and issuers.
"If the United States wants to avoid an incoming tide of higher loss, the industry must be willing and able to make investments in emerging technologies," said the report.
Like end-to-end encryption and tokenization, contactless and other chip technology may hold promise for the future of payment processing security but can still be considered in its infant stages.
