One of the biggest challenges facing the payments industry today is security. And security runs the gamut, from the simplicity of changing passwords to the complexity of firewalls and intrusion detection tools. It’s a subject that will never go away because breaches will never go away – as we’ve said before, malware is the modern-day bank robbery: as long as thieves can break into the POS, install malware and find clear-text credit cards, breaches will remain the most lucrative way to steal credit card information.
Today, the Electronic Transaction Association (ETA), the leading trade organization for constituents in electronic payment processing, organized their first “Fly-In on Capitol Hill.” More than 70 payments and technology industry leaders – including Bluefin’s Chief Innovation Officer, Ruston Miles – will meet with Members of Congress and federal regulators, including the Consumer Financial Protection Bureau (CFPB), Federal Reserve and Treasury, to discuss issues facing the payments industry, including security. The Fly-In allows ETA members to speak directly to lawmakers and provide insight into how payments drives the U.S. economy.
“The ETA Executive Payments Fly-In brings industry leaders to Washington as the voice of the payments industry,” said Jason Oxman, ETA CEO. “ETA is excited to bring our members face to face with members of Congress and regulators to engage in frank discussion about our industry, which enables $5 trillion in electronic transactions for merchants and consumers in the U.S. each year.”
Today’s Fly-In follows yesterday’s ETA / PCI SSC Technology of Payment Security Day in DC where three panels of experts discussed how the industry is utilizing a multi-layered approach to protect payment transactions by using technology that makes data useless to cybercriminals. Ruston along with Troy Leach, Chief Technology Officer, PCI SSC; Bill Bolton, VP, Information Technology, HoneyBaked Ham; and Steve Robb, SVP of Products and Marketing, ControlScan, discussed point-to-point encryption (P2PE) as part of a multi-layered security approach to encrypt data and make payments more secure.
“A lot of the discussion on security in 2014 and 2015 has focused on EMV – chip card technology intended to protect consumers against the consequences of breached, lost or stolen cards that has no direct role in combatting point-of-sale malware. While we know that EMV chip cards can protect plastic cards from counterfeit, encrypting card data at the point-of-entry has to be the primary defense to protect merchants against point of sale malware,” said Miles. “P2PE is the element of the multi-layered approach – which also includes EMV and tokenization – that protects data during the transaction itself. Events such as the Technology of Payment Security Day and the Fly-In on Capitol Hill are extremely important for educating the industry and stakeholders about payment security and the available technologies to thwart these attacks.”
You can keep up with the news and events of today’s Fly-In at https://twitter.com/ElecTranAssoc.