Community
The news article just mentions changing the pincodes. Changing the pincodes is not enough. The card numbers can be used for card not present transactions.
Will there be another lawsuit much like what happened with TJX? Will this breach be used once again to 'promote' EMV and blame countries who have not fully migrated to EMV?
If issuing banks allowed their cardholders to turn off their card accounts for cross border, atm or card not present transactions when the cards are not being used, thieves will stop doing what they do. A system that enables cardholders to turn on or off their card accounts by setting their own user limits is the only really effective system that deflects the increase in card fraud while it guarantees an excellent quality of service to cardholders. With this system, fraudsters would no longer have any reason to sniff out and copy card details. And this system does not compete with EMV. It can and should exist with EMV.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Kathiravan Rajendran Associate Director of Marketing Operations at Macro Global
25 November
Vitaliy Shtyrkin Chief Product Officer at B2BINPAY
22 November
Kunal Jhunjhunwala Founder at airpay payment services
Shiv Nanda Content Strategist at https://www.financialexpress.com/
Welcome to Finextra. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre.
Please read our Privacy Policy.