The Open Library
In addition to Card Not Present.com’s feature content, our Open Library
is a repository of information, interviews, statistics, reports and opinion presented in one easily accessible location.
The Merchant Risk Council (MRC), which began 10 years ago as a group of merchants concerned about fraud in the burgeoning world of e-commerce, recently had one of its two major U.S.-based events in Chicago.
The MRC is moving into its second decade with new leadership and a full-time staff of eight handling the concerns of its merchant membership and conducting the events, along with two more in Europe as e-commerce and its attendant issues are addressed internationally as well as domestically.
Gregory Goeckner was named executive director of the Seattle-based organization in April. Rather than tap a merchant for the group’s top spot, the MRC chose a new leader based on previous experience running a major trade association.
Goeckner comes to the MRC after a 16-year run at the Motion Picture Association where he ended his tenure in the role of executive vice president and general counsel. While the concerns of e-commerce merchants and movie studios are not identical, Goeckner believes the skills he accrued working for the MPA will benefit the merchants of the MRC, especially in efforts to work with government on the extent of potential regulation.
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Love joined Vantiv in July of 2011 as vice president of mobile strategy. Prior to joining Vantiv, he worked for Visa after his previous company, CyberSource, was acquired by the card network. Before that Love worked for terminal manufacturer Ingenico. Love sat down recently with CardNotPresent.com founder and president Steven Casco to discuss the mobile payments landscape.
CardNotPresent.com: What’s your role in the organization? What gets you up in the morning?
BL: Mobile, mobile and more mobile. I’m a gadget guy at heart. Slice me down the middle and there’s a product manger running about in there as well.
CardNotPresent.com: How many phones do you have on you right now?
BL: Just two, but I have an iPad, iPod Touch, Mac Book air and…we’ll stop there.
CardNotPresent.com: What are your responsibilities with Vantiv?
BL: Just one, really: mobile strategy. When you hear mobile strategy you think, “Oh my goodness, we can’t tell what’s happening three months from now, never mind five years from now.” But my job is to paint a picture of what 2015 could potentially look like in the United States from a mobile payments perspective.
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handpoint is a UK based company that specializes in mobile payments, accepting MSR, EMV and NFC payments on smartphones and tablets. handpoint was founded in 1999 by three engineering students at the University of Iceland, Davíð Guðjónsson, Magnús Þór Torfason and Þórður Heiðar Þórarinsson. Prior to founding handpoint they had setup an internet company in 1997 along with classmates from high school, but sold in 1999. Recently, Guðjónsson sat down with CardNotPresent.com’s founder and president Steven Casco to talk about the origins of the smartphone, EMV mobile solutions and why NFC will take longer to reach widespread adoption then people think.
CardNotPresent.com: Tell us about the origin of your company?
DG: We started the company in 1999 around the Palm Pilot technology. We had an Internet company in the early stages of the Internet era but we were competing with school kids. It was a low barrier to entry for dotcoms. I had gone to a Palm conference in California where I met Jeff Hawkins and was fascinated by the technology and its potential for growth. So we sold the Internet company in 1999 and got money to set up handpoint to focus on mobile technology.
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On September 26, 2011, the Federal Reserve Bank of Chicago and the Secure Remote Payment Council cosponsored an invitation-only symposium focused on security issues for remote payments. During this complimentary event, thought leaders from throughout the payments industry, law enforcement, academia and government convened to discuss issues related to Internet, mobile and card not present payments:
The following is a copy of Mimi Hart’s speech on fraud mythology in the payment world.
Thank you very much for being here today and for the privilege of allowing me to
present some ideas on certain myths that exist in the payment world regarding
fraud, and certain “false gods” that play a role in the fraud mythology.
The first is the myth of “the cost of doing business”. We all hear this expression
regularly - that fraud is manageable, that it’s tolerable and it’s just the cost of doing
business. Well whose cost is it really? When fraud strikes big, we’re NOT in this
together. If you get hit, it matters little if fraud losses “on average” are improving or
worsening.
The pain of fraud is not proportionate. We measure it in the aggregate, but you can only see the impact
when you look at the spikes on the graph. Consider Heartland or TJ Maxx or Sony. They could take
little comfort at the time of the breaches that payment card fraud could be expressed as a few basis
points "on average." We may work together, but when fraud strikes we suffer individually.
Risk of fraud in card-based payments cannot be hedged. No one indemnifies participants in the system
as it is, other than consumers who we all agree can and should get a free ride (sort of) if you don’t count
hours wasted, lost wages, worry and aggravation. That’s a penalty for fraud that we rarely quantify.
Next let’s ask, if this is the “cost of doing business” - whose business are we talking about? Issuers and
retailers allow security protocols in their own shops over which they have little control. But worse yet,
these protocols have yet to prove effective at the level of the breach. Read the full article here...
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