Lane agreed. “Typically, security is not adopted if there is a chance it interferes with commerce,” he said.
Pascual said there are ways to improve authentication without creating friction, including “biometrics, behaviormetrics and leveraging mobile device location solutions that correlate the location of the cardholder’s phone with that of the device used to make a payment online or in person.”
Or, some have suggested that the industry should skip EMV entirely and moving to near-field-communication (NFC) technology, such as that offered by Apple Pay and Google Wallet.
But that, while it holds promise, is not ready for prime time.
Lane said that if NFC systems became mainstream, it could, “knock out most CNP fraud.”
But, in the next breath he admits that will take some time to happen. “My parents run a Pentium processor and Windows 2003,” he said. “They don’t own a cell phone. They’ve never heard of PayPal. Ask them if they are interested in NFC.
“When you look at the tech divide between half of this country I’d say it (NFC) is a good idea that fails in the real world.”
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