Skip to main content

Why Apple Pay Is Our Best Hope To Stop Online Fraud


To make matters worse, the past year has been a perfect storm for online criminals, which will sharply escalate the rate of e-commerce fraud in the coming years. Hacks of T-Mobile/Experian, Ashley Madison, Chase, Anthem Blue Cross, OPM and many more released huge amounts of sensitive personal data like names, addresses, email addresses, phone numbers and social security numbers onto the dark web.
These PII (personally identifiable information) leaks were compounded by payment data leaks: millions of credit card numbers released in the Target and Home Depot hacks, plus other data raids. Together, fraudsters have more than enough material to paint a full picture of an individual’s financial identity, enabling them to apply for loans, lines of credits and other financial products, as well as order goods online, fraudulently, in someone else’s name.
With all these hacks, it makes sense that financial institutions are bolstering security. The EMV deadline is just that — now that the deadline has passed, brick-and-mortar retailers must have chip-enabled point-of-sale terminals, or be held liable for any fraudulent transactions that happen in their stores. The U.S. EMV liability shift is being hailed as a firewall against fraud; in reality, it’s nothing more than a half-measure taken by credit card companies and banks to protect themselves while leaving retailers holding the bag.
First, most point-of-sale terminals will require chip-and-signature, which is far less secure than chip-and-pin — a security shortcut chosen by the financial industry. And second, EMV will not fix the big growth area in fraud: the Internet. Past switches to EMV in countries like Australia and the U.K. show that fraud will simply migrate online as criminals look to exploit the next weakest target — sending a tidal wave of criminals straight toward unprepared online merchants.
When taken together, the situation for businesses looks bleak. To mitigate losses due to fraud over the long term, merchants and consumers alike need to move en masse to next-generation tokenized payment systems — which, like two-factor authentication to protect passwords, adds an extra barrier to the payment process, keeping sensitive data out of merchants’ fragile systems and safe from hackers.
And these payment systems haven’t been doing too well. Despite big promotion, use of Apple Payis very low — a recent survey from the Aite Group found that it accounts for just 1 percent of all U.S. retail transactions. That’s still far above Android Pay (the product formerly known as “Google Wallet,” and now on its umpteenth rebranding) and Samsung Pay, which only launched recently.
This begs the question: What will it take to bring Apple Pay (or a similarly secure solution) mainstream, and save online merchants and banks from huge losses due to fraud?

Comments

Popular posts from this blog

Google is using machine learning to teach robots how to grasp random objects

Using your hand to grasp a pen that’s lying on your desk doesn’t exactly feel like a chore, but for robots, that’s still a really hard thing to do. So to teach robots how to better grasp random objects, Google’s research team  dedicated 14 robots to the task . The standard way to solve this problem would be for the robot to survey the environment, create a plan for how to grasp the object, then execute on it. In the real world, though, lots of things can change between formulating that plan and executing on it. Google is now using these robots to train a deep  convolutional neural network  (a technique that’s all the rage in machine learning right now) to help its robots predict the outcome of their grasps based on the camera input and motor commands. It’s basically hand-eye coordination for robots. The team says that it took about 3,000 hours of practice (and 800,000 grasp attempts) before it saw “the beginnings of intelligent reacti...

How to Run Older Applications in Windows 10

You cannot expect all the vendors to upgrade their programs to make them compatible with Windows and neither would you want to purchase all the applications every time a new version of Windows is out. Nonetheless, the fact still remains the same that not all applications are compatible with the latest operating systems and there are times when many applications do not initialize when you upgrade your PC to a newer version of Windows. To make things easy for you, Windows 10 allows you to run the programs in compatibility mode. Running a program in compatibility mode makes the application think that it is installed on an older, compatible version of Windows, thus the software runs without any flaws. There are two ways you can run a program in compatibility mode: Program Compatibility Troubleshooter – This is a step-by-step wizard that allows you to pick a program that you prefer to use and configures it to run in compatibility mode. Compatibility Tab – This tab can...

5 Best Free Antivirus for Android Phones and Tablets

Android mobiles are trending today. World is running behind android and its versions. I am sure you also having one high end android mobile with you.  So, here in this article I’ve listed the best 5 antivirus for Android phones and tablets. 1-  AVG Antivirus App For Android When you download AVG Anti-virus and install it on your mobile or tablet then it shows screen alert. By touching the screen you can perform the scan. It is a free anti virus software, which helps you to protect your mobiles from virus, malware and spyware It provides some other features like ANTI THEFT, SMS SCANNER, TASK KILLER etc. It protects your mobile when you use internet Download AVG anti-virus from ANDROID MARKET. 2-  Look Out Mobile  Antivirus Look out anti virus for mobile is one of the best android anti virus software. It keeps your tablets and phones safe and secure You can run the app any time and scan for virus It protects your mobile when you use interne...

Android users can now say ‘Ok Google’ to send messages via WhatsApp, WeChat, NextPlus, Telegram, and Viber

Above: Google Image Credit: Shutterstock In April, Google launched  custom voice actions on Android , allowing users to control select third-party apps simply by starting with the “Ok Google” command. Today, that functionality has  expanded  to messaging apps, including WhatsApp, WeChat, NextPlus, Telegram, and Viber. If you already use “Ok Google” and your voice to send emails, Hangouts, or text messages, this should be a natural progression. You can split the task into two, or just do it all in one go. If you say, “Ok Google, send a WhatsApp message to Joe,” you’ll get a prompt asking you to dictate your message. Alternatively, you can just say: “Ok Google, send a Viber message to Josh: let’s do dinner tomorrow night.” Here is an example using WhatsApp: To be able to take advantage of this new feature, you do need to update both the Google app for Android , as well as your individual messaging apps. If either is outdated, you’ll just get an erro...

Here Are The First Connected Home Devices For Apple’s HomeKit

Apple’s HomeKit is finally starting to roll out to actual consumers, via the first crop of HomeKit-enabled accessories from third-party manufacturers. This means you’ll soon be able to get your hands on a range of products for the connected home that work with Siri on your iOS device, and that you’ll be able to do so as soon as today, since some of the new HomeKit accessories start shipping now. The accessories in question range from sensors, to lights, to thermostats, to smart outlets, and come from a group of accessory-makers with a trusted reputation in the connected home industry. HomeKit may have taken a while to arrive, but it’s doing so in grand fashion, with a practical lineup to get your home connected to your iOS ecosystem in an essential way. Elgato Eve The  Elgato Eve  is a set of connected wireless sensors that monitor key factors like indoor air quality, temperature, humidity as well as conditions outside, like temperature, humidity and air pre...