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Wednesday, October 20, 2010

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Hi Andy,

Nice post, I am not sure I entirely agree with all of the well-written article by Randall Stross.

I think the issue of fraud and particularly skimming is potentially being underestimated, the experience in Australia is that skimming is becoming more frequent and much more sophisticated which is one of the key reasons we are moving to EMV.

The real issue which I think needs to be solved is non-repudiation of a transaction which is always going to be a challenge with magnetic stripe technology and whilst I am not at all convinced EMV will solve this in its entirety, I am convinced it (or a similar or perhaps more sophisticated technology) is a step in the right direction.

Cost-benefit has always been a difficult challenge for chip cards and the search continues for the "killer app" which will mean consumers/merchants demand chip technology be introduced.

In reality I think we will ultimately see a combination of chip technology and mobile phone technology to solve the issues but even then it will take a long period of time and the costs will be substantial.

Just look at how long it took the airline industry to move to electronic ticketing or perhaps more relevantly how many paper vouchers are still being used in the payments industry.

Anyway as I said at the beginning of this long and rambling comment, nice post and keep up the good work!

Kind regards,

Mitch.

Thanks for the great insights, Mitch!

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Resources

  • Alejandro's jPOS Project
    Faced with payment systems challenges? Start here to learn more about Alejandro Revilla's jPOS project.
  • Dave Bergert's Blog
    Insights from my OLS colleague, Dave Bergert, CISSP, CISA, CompTIA Security+, and former Visa-certified QSA.
  • Glenbrook's Blog List
    Glenbrook Partners has compiled "a current summary of the latest content from some of our favorite payments and banking blogs." Dave, Alejandro and I are on the list.
  • soliSYSTEMS
    My friend Roque Solis is our go-to guy for RFID, smart cards, chip cards, integrated circuit cards, HSMs, cryptographic accelerators and public-key cryptography.
  • Specs Online - AMEX
    American Express puts its acquirer specs online for public retrieval.
  • Specs Online - FDMS
    First Data Merchant Services puts its acquirer specs online for public retrieval.
    [NOTE: This repository is accessible only via IE; this link will not work with Firefox or other browsers.]

Documents

  • The PCI Split
    Depicts how we split an implementation into PCI and non-PCI halves.
  • The Virtuous Spiral
    A good payment system unleashes customer creativity. Does yours?
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  • Your attention to detail is a great asset. Use it wisely.