From paperless to plasticless, EMV card security and the future of payments in the USA.

摘要

Theft of credit card data has become a significant problem for organizations of all size within the USA. Target, Heartland and TJX are seen as organizations which have suffered the most as a result of their customers' data being compromised. However, globally it is estimated that the cost of cybercrime to the global economy was between ;The research revealed that while EMV helps to reduce the risk of card present fraud, it also results in an increase of card not present fraud. It also discovered that plasticless alternative payment solutions which leverage tokenization, provides a superior level of security than that currently provided by physical cards. The research concluded that the plasticless alternative future payment method which has the most opportunity for success, will be based on mobile devices such as smartphones and thus recommends that greater efforts be made towards sensitizing the society on the convenience and security that mobile payment provides over the present card based payment methods. Keywords: CyberSecurity, plasticless alternatives, Europay MasterCard Visa (EMV), Mobile Payments, Virtual Currency, Apple Pay, Android Pay, Samsung Pay, Bitcoins, biometrics, NFC, Christopher Riddell, Host Card Emulation (HCE), Secure Element (SE).