Tunnel Vision and Mobile Payments


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Date: April 2012
Type: White Paper
Rating: (28)

Overview: In this contributed article the author will first briefly set the stage with the evolution of the credit card industry bringing us up to speed with where it is today. Weiss contends that consumers and retailers alike are stuck in the past with tunnel vision when it comes to securing mobile payments. Next, Weiss will identify the reasons why many of the players in the market aren't as concerned as they should be including:

1) NFC - It's being touted with the false promise of a security solution and faster transactions.
2) Encryption - In most implementations, an encrypted account number can be exploited and replayed or decrypted.
3) Assumed losses - Credit card companies? business models assume loss and margins allow for it. They don't need proactively implement a solution.

Weiss proposes that the solution is implementing a technology that can reliably identify an individual at the POS, without compromising or exposing any exploitable information. Only the remotely located issuing bank needs to see and use the account number.

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