While EMV architecture could mitigate card fraud, it does not address all security concerns and is not likely to be implemented in the near-term.

Boston, MA, July 1, 2009 – A new report from Aite Group, LLC reveals stakeholder perceptions of current card data security issues, an overview of their responsibilities and a look at what is required to fix card data security. Based on in-person interviews conducted by Aite Group with 29 heads of risk management and other bank executives, the report provides insights from key decision-makers in the card payments risk and security realm.

There is no arguing that card data security is a major concern to stakeholders, and one that urgently needs to be addressed, but the EMV route is not a given for the United States. While many agree that switching the industry to EMV smartcard architecture would go a long way in mitigating card fraud, few see the transition occurring within the next few years, if at all.

"Survey respondents believe the greatest threats to the card industry are malware, counterfeit card fraud and CNP fraud," says Nick Holland, senior analyst with Aite Group and author of this report. "Since a move to EMV architecture would only address counterfeit card fraud, Aite Group recommends the establishment of a pan-network panel to study card security issues and identify alternative technologies to reduce vulnerabilities."

This 15-page Impact Note contains 11 figures. Clients of Aite Group's Retail Banking service can download the report by clicking on the icon to the right.

Related Aite Group Research:

• Making Hay While the Rain Pours: Information Security Expert Perspectives on Financial Services
• Fraud Management at Retail Banks and Credit Unions: The Vendor Landscape
• Fraud Management at U.S. Retail Banks and Credit Unions: An Ever-Moving Target

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