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Payment Privacy Protection—Global Security Implications

  • December 2013
  • -
  • Frost & Sullivan
  • -
  • 45 pages

Securing Identification During the Payment Process

Objectives:

-Provide a market and technology analysis of the latest trends across the European payment privacy protection market.
-Provide strategic recommendations to key stakeholders of the payment privacy protection market in Europe.

Research Methodology:

Primary Research: Interviews with key stakeholders of the European financial services market.

Geographic Scope

-Europe
-Specific focus on:
oFrance
oGermany
oPoland
oRussia
oSweden
oUnited Kingdom

Secondary Research

Frost & Sullivan research services, online databases, market participants’ studies, and industry study groups.

Payment Privacy Protection

-Payment Privacy Protection refers to protecting personal or sensitive payment data to secure mobile payment transactions.
-Single European Payment Area (SEPA) Payments are cross-border payments conducted within the SEPA zone.
oThe SEPA zone consists of all European Union (EU) countries, Economic European Area (EEA) countries, Switzerland, and Monaco.
oThere are three initiatives for SEPA:
-SEPA Direct Debits (SDD): When fully implemented, any account in a SEPA country can be charged from another SEPA country.
-SEPA Credit Transfers (SCT): When fully implemented, they enable seamless domestic, cross-border transfer of funds within the SEPA area.
-SEPA Cards Framework: This enables consumers to seamlessly use their home-country-issued cards in any SEPA country. Migration to SEPA cards framework is to a great extent measured in terms of Europay, MasterCard, and Visa (EMV) migration.
-Mobile Payment Application is a dedicated brand application for payment (e.g., Starbucks, McDonald’s), while mobile wallet is an ePurse that provides additional services such as couponing or balance information.
-In Europe, the fraud rate has continued to grow. Most fraud is conducted during Card Not Present (CNP) payments.
-Germany reinforced policies for cross-border payments and cross-border ATMs in order to diminish the risk of fraud. The impact was important in 2012, as fraud in Germany accounted for xx% of the market, while at the same time fraud reached xx% in France.
-In 2012, the total volume of transactions increased significantly. As a result, the level of fraud has followed the same trend. France is the number one country for fraud, even if this amount only represents xx% of the total cases.
-Increased adoption of mobile data services will have an impact on requirements relating to securing mobile devices. Indeed, the number of transactions and the volume of data exchanged will have an impact on the number of security processes to be handled and the total time to perform these security requirements.
-The use of professional tablets is minor compared to consumer tablets. Indeed, the average percentage of professional tablets will be xx% (2012–2017), and consumer tablets will reach xx% (2012–2017) and eReaders will comprise xx% (2012–2017).
-The need for identity access management (IAM) solutions is driven by the needs of sensitive markets such as government, financial services, and healthcare.
-The government market will grow by xx% CAGR (2012–2018), while the financial market will grow by xx% CAGR (2012–2018).
-A simple identification technology is not enough; most organisations have already moved to a multi-factor authentication model. The IAM revenue forecast in EMEA will grow by xx% CAGR (2012–2018).

“Card Not Present” Fraud on an Upward Trend

-In the SEPA zone, more than half of the cases of fraud are from CNP payment mechanisms.
-Point-of-sale (POS) fraud remains important, accounting for xx% of SEPA zone fraud in 2012.
-ATM fraud accounts for a relatively small proportion of fraud.
-The total amount of fraud in the SEPA zone reached € xx million in 2011 and grew to € million in 2012—an increase of xx%.

Table Of Contents

Payment Privacy Protection—Global Security Implications
Executive Summary
Card Fraud: A Global Overview
The Need to Secure Mobile Devices
Combined Software and Hardware Approach
An Identity Access Management Approach
Conclusions
Appendix
The Frost and Sullivan Story

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