michelle thornton navigating emv and apple pay
TRANSCRIPT
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SEIZE THE NOW
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FOCUS ON SECURITY 2015SIX ESSENTIAL QUESTIONS FOR CREDIT UNIONS
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DIRECTOR OF PRODUCT DEVELOPMENT, CO-OP FINANCIAL SERVICES
THORNTONMICHELLE
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IS SECURITY A HOT TOPIC?
1.
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STILL INSECURE?
Source: Identity Theft Resource Center
783U.S. Data Breaches in 2014
A Record High
100Medical & Healthcare Records
Stolen This Year
MILLION
400,000Financial/Banking/Credit Records Stolen So Far in 2015
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Eva Velasquez, ITRC
The ubiquitous nature of data breaches has left some consumers and businesses in a state of fatigue and denial.
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DAZED AND CONFUSEDConsumers who think mobile payments are the safest way to pay in store.(Tripwire, 2014)2%
Adults “agree” or “strongly agree” that consumers have lost control over how personal information is collected and used by companies. (Pew Research, 2014)
91%
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MOBILE INHIBITION
36% 15% 22%
Would not try mobile payments because of security concerns
Had used a mobile wallet or were thinking of doing so
Were concerned their financial data might be stolen.
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ARE YOU TRUSTWORTHY?
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WHERE DO WE FOCUS?
2.
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HAS THE CONVERSATION CHANGED?
EMVSECURITY
MOBILE
CARDS
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EMV October 1, 2015 is the liability deadline
APPLE PAY
Fast start, steady growth
TOKENIZATION Set to expand beyond Apple Pay
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WHAT’S THE DIFFERENCE?
• Security for plastic cards• Authenticates using cryptography• Deters counterfeit cards• Uses a processing chip implanted
in the card
EMV TOKENIZATION
• Security for digital environment (online, mobile)
• Replaces card data with “tokens” that can’t be used by others
• Also uses cryptography• Powers security in Apple Pay
Source: Smart Card Alliance
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THE YEAR OF EMV• 575 million EMV chip cards will be issued in the U.S. by the end of 2015 –
up from 120 million at the start of the year. (Smart Card Alliance)• EMV merchant terminals: 59% by 2015 (Aite Group)• Liability shift: October 15• Primarily credit: debit much further behind
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APPLE PAY THEN & NOW
700,000 Locations
2,500 Financial Institutions
Coming Soon to Vending Machines
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BY THE NUMBERS4 IN 10 IPHONE 6 USERS HAVE TRIED IT
Nearly half of those who haven’t expect to in the next six months
THREE-QUARTERS OF THOSE WHO’VE TRIED IT MADE A SECOND APPLE PAY PURCHASE AT THE SAME LOCATION
Used at Physical Location
43%
Used in Store and In-App
37%
Used In-App Only
19%
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A+of Apple Pay users rated their satisfaction4 or 5 on a five-point scale
98%
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A FUTURE FOR TOKENIZATION?
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IS THAT ALL THERE IS?
• Biometrics: Are Passwords Passe?• Analytics as a tool• CardNav – Card Controls and Alerts
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WHICH ONE DO YOU CHOOSE?
3.
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FALSE QUESTIONThe answer is “both.”
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HOW DO I PRIORITIZE THESE TWO TECHNOLOGIES?
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WHAT DO OUR MEMBERS NEED?
4.
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se·cu·ri·ty (səˈkyo͝orəodē/) Noun
1. the state of being free from danger or threat.2. the state of feeling safe, stable, and free from fear or anxiety.
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DEMYSTIFY FRAUD
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• What is it?• Where is it?• Why are you introducing it?• What can and can’t it do?• How do we use it?
TECHNOLOGY EXPLAINED
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IS THIS CREDIT- UNION-READY?
5.
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YES.
www.co-opfs.org/CardPayments
GET THE LATEST ON EMV, TOKENIZATION AND APPLE PAY:
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ARE THERE COMPLICATIONS?
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APPLE PAY & FRAUD
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HOW DO I GET STARTED?
6.
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SET YOUR PRIORITIES
• Encourage mobile engagement?• Improve member experience?• Reduce fraud losses?• Position yourself as an advocate?
WHAT ARE YOUR LARGER GOALS?
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CREATE A STRATEGY
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GET HELP
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GET READY TO GO – AND GO
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DISCUSSIONMASON OSWALDOperations Card Services ManagerIdaho Central Credit Union
JEAN NELSONeBranch ManagerMissoula Federal Credit Union