[June 21, 2018] |
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ASC X9 Publishes New Report on Card-Not-Present Fraud Mitigation and White Paper on Distributed Ledger/Blockchain Technologies
Today the Accredited Standards Committee X9 Inc. (X9)
announced the publication of two new documents: Technical Report 48 -
"Card-Not-Present (CNP) Fraud Mitigation in the United States:
Strategies for Preventing, Detecting, and Responding to a Growing
Threat" and a white paper from the X9 Distributed Ledger and Blockchain
Technology Study Group.
TR 48 summarizes guidelines to mitigate CNP fraud in the U.S. It
identifies the primary types of CNP fraud attack trends currently
affecting the payments industry, and it outlines the types of CNP fraud
mitigation tools and strategies employed by industry stakeholders. The
document also provides information and recommendations for industry
stakeholders to evaluate their current approaches for mitigating CNP
fraud and reducing overall fraud losses. TR 48 is available
for download now.
"As chip cards have helped prevent fraudulent activity at the point of
sale, we now see a higher profile for data theft and other criminal
activity carried out when cards are not physically present," said Steve
Stevens, executive director of ASC (News - Alert) X9. "With TR-48, we seek to educate
all sectors of the payments industry about card-not-present fraud and
guide them to practices that identify and safely lessen opportunities
for crime in online and other card-not-present transactions."
The technical report was developed by a working group of industry
stakeholders and subject matter experts comprised of more than 75
individual participants from 38 different organizations representing
issuers, card payment netwrks, merchants, merchant acquirers,
processors and payment gateways. Laura Townsend, senior vice president,
Merchant Advisory Group (MAG), said, "Merchant Advisory Group
appreciates the collaboration fostered by way of this industry effort to
provide our merchant members and other stakeholders with tools and
practices that will help make the payment system more secure." MAG
membership includes all key merchant verticals, and the organization is
focused on driving positive change in payments. MAG members were
instrumental in developing the X9 report.
Distributed Ledger and Blockchain Technology White Paper (News - Alert) The
Distributed Ledger and Blockchain Technology Study Group was tasked with
assembling a group of industry experts to assess what types of standards
for distributed ledger technology (DLT), and specifically blockchain,
would benefit the financial services industry and support more effective
adoption of this technology. The resulting white paper provides this
assessment and includes a valuable glossary of terms. The paper is
available for download
at no charge.
About the Accredited Standards Committee X9 Inc. The
Accredited Standards Committee X9 Inc. is a non-profit organization
accredited by the American National Standards Institute (ANSI) to
develop both domestic and international standards for the financial
services industry. X9 has over 100 member companies and over 400 company
representatives that work to develop and maintain approximately 100
domestic standards and 58 international standards.
The subjects of X9's standards include: retail and mobile payments;
printing and processing of checks; corporate treasury functions; block
chain technology; processing of legal orders issued to financial
institutions; tracking of financial transactions and instruments;
tokenization of data; protection of financial data at rest and in
motion; electronic contracts; and remittance data in business payments.
X9 also performs the secretariat function and provides the committee
chair for ISO TC 68, which produces international standards for the
global financial services industry. For more information about X9 and
its work, visit www.x9.org.
Follow ASC X9 on Facebook,
LinkedIn
and Twitter
View source version on businesswire.com: https://www.businesswire.com/news/home/20180621005255/en/
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