Jeffrey Hydrick Quoted in PaymentsCompliance Article, "U.S. EMV Group Sets Sights on Online Fraud"Jeffrey S. Hydrick
Jeffrey Hydrick was quoted in Jimmy Nicholls' PaymentsCompliance article, "U.S. EMV Group Sets Sights on Online Fraud," on August 23, 2016.
A U.S. payments body tasked with supporting the move to EMV security will broaden its focus to combating online fraud, as the move to chip cards continues apace.
Randy Vanderhoof, director of the rebranded U.S. Payments Forum, said his members believed the EMV migration has made substantial progress, and they now want to turn their attention to card-not-present fraud as well.
Speaking to PaymentsCompliance, the association official argued that during last October’s liability shift it had become clear “a large percentage” of chip cards had been issued and “many merchants” had completed the transition.
Jeffrey Hydrick, counsel specialising in financial services at Buckley Sandler in Washington, D.C., added that if chip-based cards were effective in countering fraud at the sales terminal, it could boost online fraud.
However, he told PaymentsCompliance: “One benefit to the U.S. being late to the EMV party may be that a greater number of solutions are now available to online merchants to combat the expected spike in online fraud.
“Tokenization, additional layers of cardholder authentication, and improved analytical tools all offer merchants protection against online fraud, in particular if they are part of a layered protection solution.”