Princeton Junction, NJÃ‚ – As the U.S.Ã‚ migrates to EMV chip technology to secure the card-present channel and reduce in-store counterfeit card fraud, it is critical to simultaneously secure the card-not-present (CNP) channel1. Next month, the EMV Migration Forum will host a webinar on the best practices for authentication methods and fraud tools to provide this necessary protection of the CNP channel.
The one-hour webinar, “Near-Term Solutions to Address the Growing Threat of Card-Not-Present Fraud,” was developed by the Forum’s Card-Not-Present Fraud Working Committee and will be held on September 24, 2015 at 1:00 pm ET (10:00 am PT). To register, visitÃ‚ https://attendee.gotowebinar.com/register/6211295485670853121.
Webinar speakers are: Randy Vanderhoof, EMV Migration Forum; Francine Dubois, NagraID Security; Rodman Reef, Reef Karson Consulting; and Neeraj Gupta, Vantiv.
“It’s important that the payments industry makes a concerted effort during the migration to chip cards to protect against the redirection of fraud from in-store to the card-not-present channel,” said Randy Vanderhoof, director of the EMV Migration Forum. “This webinar will educate merchants, card issuers and acquirers on how to complement their EMV implementation strategy and create a successful card-not-present fraud mitigation program using a systematic, multi-layered approach.”
The webinar will cover these techniques and best practices to secure the CNP channel:
- Authentication methods: device authentication; one-time passwords; randomized PIN pads; and biometrics
- Fraud tools: proprietary data and transactional data used for fraudÃ‚ analysis and risk management; and validation services
- 3-D Secure: messaging protocol that enables real-time cardholderÃ‚ authentication during an online transaction
- Tokenization: technique which replaces card data with surrogate valuesÃ‚ (i.e., “tokens”) that are unusable by outsiders and have no value outsideÃ‚ of a specific merchant or acceptance channel
The webinar is based on the Card-Not-Present Fraud Working Committee’s recently-released white paper, “Near-Term Solutions to Address the Growing Threat of Card-Not-Present Fraud.” To read the white paper, visitÃ‚ https://www.emv-connection.com/near-term-solutions-to-address-the-growing-threat-of-card-not-present-fraud/.
About U.S. EMV Chip Migration
Commonly used globally in place of magnetic stripe, EMV chip technology helps to reduce card fraud in a face-to-face card-present environment; provides global interoperability; and enables safer transactions across contact and contactless channels. Chip implementation was initiated in the U.S. market in 2011 and 2012 when American Express, Discover, MasterCard and Visa announced their roadmaps for supporting a chip-based payments infrastructure. Readiness targets to support EMV have been established, with liability shifts for managing fraud risk in a face-to-face environment set for October 2015.
About EMV Migration Forum
The EMV Migration Forum is a cross-industry body focused on supporting the EMV chip implementation steps required for payment networks, issuers, processors, merchants, and consumers to help ensure a successful introduction of more secure chip technology in the United States. The focus of the Forum is to address topics that require some level of industry cooperation and/or coordination to migrate successfully to chip technology in the United States. For more information on the EMV Migration Forum, please visit https://www.emv-connection.com/emv-migration-forum.
1 Card-not Present fraud refers to fraud via online or telephone channels.