REDWOOD CITY, Calif., October 23, 2024 – The payments industry has shifted toward mobile experiences, with the digital payments market projected to be worth more than $15 trillion by 2027 according to recent statistics. These transactions contain a wealth of information that is not available in traditional payments, including expansive and diverse data elements. The U.S. Payments Forum delves into how this information can be used to enhance security, fraud prevention and user experiences in its new white paper, “Exploring Data Elements in Mobile Payment Transactions.”
“Tapping into the data-rich world of digital payments has the potential to revolutionize the industry. We created this resource to help stakeholders navigate the benefits while maintaining a commitment to security, ethical data practices and future-focused approaches,” said Devon Rohrer, managing director of the U.S. Payments Forum.
The following key insights are included within the scope of the white paper:
- Expanded data elements – Mobile transactions access data elements including data relating to EMV 3-D Secure (3DS), geolocation, digital wallet behavior, and tokenization.
- Authentication and fraud prevention – The significance of device fingerprinting and location data for improving authentication methods and detecting fraudulent activities, as well as enhanced authentication using 3DS elements and biometrics for its potential in strengthening transaction security.
- Data handling – The best practices for handling personally identifiable information (PII) and the importance of compliance with Fair Information Practices Principles and relevant legal frameworks.
- Stakeholder implications – Details for issuers, mobile providers, payment networks, processors, and merchants emphasizing the need for sophisticated data analysis tools and adherence to privacy and security standards.
- Future research and trends – Opportunities for exploring additional data fields and payment technologies (e.g., EMVCo Secure Remote Commerce (SRC)) and the potential benefits of industry-wide cooperation in data sharing and management.
The Forum’s Mobile and Touchless Payments Working Committee worked collaboratively to develop this resource. Organizations, associations, government agencies and individuals interested in participating in upcoming Forum projects can visit the Secure Technology Alliance’s website to learn how to become a member. By joining the Secure Technology Alliance, members will have access to activities within the U.S. Payments Forum and additional Alliance-affiliated organizations.
About the U.S. Payments Forum
The U.S. Payments Forum is a cross-industry body that brings stakeholders together on neutral ground to enable efficient, timely and effective implementation of emerging and existing payment technologies. This is achieved through education, guidance and alternative paths to adoption. The Forum is the only non-profit organization whose membership includes the whole payments ecosystem, ensuring that all stakeholders have the opportunity to coordinate, cooperate on and have a voice in the future of the U.S. payments industry. The organization operates within the Secure Technology Alliance, an association that encompasses all aspects of secure digital technologies.
About the Secure Technology Alliance
The Secure Technology Alliance is the digital security industry’s premier association. Through its U.S. Payments Forum, Identity and Access Forum and its collaborative working groups, the Alliance fosters open dialogue among industry stakeholders to explore and develop secure technology innovations in the payments, identity and access markets. By collaborating on education and guidance, the Alliance helps enable efficient, timely and effective implementation of large-scale, disruptive technologies. For more information, please visit https://www.securetechalliance.org.
Contact
Sherlyn Rijos-Altman
Montner Tech PR
203-226-9290
[email protected]