The Internet of Things, digital wallets, and customer relationships should be on every community bank’s priority list in 2020 and beyond, according to a new Main Street Matters post.

ICBA announced that Deborah Matthews Phillips has joined its government relations team as senior vice president of payments and technology policy, a new position created to augment ICBA staff resources in a dynamic payments environment.

Recently, with the growing popularity of mobile wallets and contactless cards, we are seeing criminals using contactless near-field communication (NFC) acceptance as an alternative way to monetize stolen magnetic stripe data. With the number of cardholder payment options available to consumers (e.g. magnetic stripe, mobile, contact chip, and contactless chip) it is increasingly important for issuers to take a comprehensive validation approach across the different form factors and interfaces through which a payment can be made. Use of best practices for point-of-sale (POS) entry modes validation is an essential step for identifying and preventing fraud.

Recently, with the growing popularity of mobile wallets and contactless cards, we are seeing criminals using contactless near-field communication (NFC) acceptance as an alternative way to monetize stolen magnetic stripe data. With the number of cardholder payment options available to consumers (e.g. magnetic stripe, mobile, contact chip, and contactless chip) it is increasingly important for issuers to take a comprehensive validation approach across the different form factors and interfaces through which a payment can be made. Use of best practices for point-of-sale (POS) entry modes validation is an essential step for identifying and preventing fraud.

In order to help combat synthetic identity fraud, Electronic Consumer Based Social Security Number Verification, or eCBSV, is being developed as a result of section 215 of the Economic Growth, Regulatory Relief, and Consumer Protection Act, Public Law (PL) 115-174.