TWO-FACTOR AUTHENTICATION ONLINE AND EMV-ENABLED CARDS STRENGTHEN E-PAYMENT SECURITY
BancNet led the industry’s shift to this global security standard and throughout 2017, the consortium supported its members’ EMV migration through technical testing and compliance certification of their host systems, terminals and chip cards.
BancNet enhanced the security of online payments on its web portal—BancNet Online. They did this by implementing a Two-Factor Authentication (2FA) system as an added layer of security on top of the ATM PIN.
It requires the keying in of other information, that is, user name, password, and a onetime PIN that only the cardholder knows in order to validate his or her identity. This means that, even if the cardholder’s card data and PIN are skimmed at an ATM, his or her account cannot be accessed by the fraudster on the BancNet website.
Moreover, BancNet continued work with the Europay Mastercard Visa (EMV) migration and certification, which is helping make payments made through its network safer and more secure.
BancNet led the industry’s shift to this global security standard and throughout 2017, the consortium supported its members’ EMV migration through technical testing and compliance certification of their host systems, terminals and chip cards. By the end of last month, 96 percent of members’ issuer host systems and 97 percent of acquirer host systems had been certified EMV-compliant.
In addition, 97 percent of BancNet members had obtained their chip card personalization validation certificates and 92 percent their terminal EMV-compliant certificates.
To meet the challenge of fraudsters working double time to beat the full implementation of EMV compliance, BancNet continued to work with the banking industry to make sure that ATMs are equipped with hardware, firmware or software solutions that can prevent the installation of deep- insert skimming devices.