Summary Points from Mimi Hart's Open Letter to the Payment Industry

  • This is a far larger fraud problem, which encryption cannot solve. 
  • Skimming and data breaches simply cannot be prevented.  There is a better solution:  cloned cards can be recognized and rejected. 
  • True consumer protection demands that the payment community authenticate the payment card and the data on it. 
  • Fraudsters cannot use the pirated data, the fun and profit are removed from the equation along with the incentive to steal it.
  • Dynamic authentication does just that. It makes stolen data useless to criminals.
  • Ellen Richey, the Chief Enterprise Risk Officer at Visa, Inc. has called for dynamic authentication
  • By introducing dynamic data elements and using technology to authenticate those data elements in real time, we can create point-of-sale environments that contain no information valued by criminals
  • The ordinary magnetic stripe cards in your wallet today carry dynamic card data, which can be read, authenticated and used to stop fraud in real time.
  • Price Waterhouse Coopers in its Emerging Technology Research report to the Payment Card Industry Security Standards Council noted that authentication by “dynamic payment card data has the potential to eventually eliminate the need for PCI-DSS.”