While EMV (Europay, MasterCard, Visa) programs are in their final completion process in most European countries and have already contributed to decrease fraud in the physical world (shops / ATMs), new security challenges emerge for banks in securing remote card payments and online banking operations. The number of frauds is drastically increasing and European end-users are losing trust for remote shopping / banking channels. National authorities are now regulating this area, encouraging banks to migrate towards new authentication and signature tools. Some banks have started to deploy specific hardware to be used in combination with the EMV card; others use mobile devices as a second channel for authentication / signature of Internet transactions. Fraud will then move to less secure channels such as mail order and telephone order, which are decreasing in volume on the European market. The need for antifraud tools will thus remain critical for all these channels.
Stronger authentication is a must for banks to take full advantage of the new and cheap remote banking channel and to keep their market shares in the ePayment area, where newcomers have successfully appeared to leverage these issues.
Critically, anyone processing payments today must show PCI-DSS compliance: a complex and
potentially expensive procedure. This is driving many merchants currently using proprietary in-house systems to seek PCI compliant third-party processes.