With the forthcoming US migration over to EMV, both directly for credit card payments and indirectly as a model for access to online public services, it makes sense for the US solutions market to consider the lessons learned from other advanced economies that have had experience of EMV for over a decade.
As President Obama and United Kingdom Prime Minister Cameron announced in January 2015, the US and UK will share lessons from their respective experiences in Cyber Security, including security of payments.
The lessons of EMV implementation in the UK were not so much a dramatic fall in credit card fraud overall, but the displacement of the fraud from ‘card present’ to ‘card not present’, via primarily online transactions. These EMV experiences led to a change in how other international Regulators viewed the solution to preventing online fraud, which can be expected to migrate to the US market.
Initiating technology that addresses these far reaching requirements is at the very heart of the MIDAS Alliance.