EMV payment card technology represents an “important step forward,” said Federal Reserve Board Governor Jerome H. Powell, but security should not stop there.
Speaking at the Kansas City Federal Reserve Bank last week, Powell outlined his thoughts on safer payments systems.
“For many years, traditional authentication methods like signatures and static passwords have been used to verify that an individual is authorized to initiate a payment. New approaches to authentication increasingly offer greater assurance and protection,” he said. “Given the current technologies that we have at our disposal, we should assess the continued use of signatures as a means of authenticating card transactions.”
EMV (Europay/MasterCard/Visa) involves the use of chip-enabled payment cards and terminals. Powell said that stakeholders in the payments system should keep searching for new approaches to authentication.continue reading »