01 Nov 2005
APACs, the payment and clearing body, will shortly release a final draft of a proposal designed to encourage more interoperability between online authentication systems.
At an anti-phishing event, hosted by the law firm Pinsent Masons, Richard Martin, a consultant with APACS’ Payment Markets & E-commerce Unit, said that the group was becoming increasingly concerned about the rise in phishing and other attacks, such as those that employ trojans, and was considering a number of solutions.
A final draft of its proposals will be released shortly according to Martin, who explained that one of its aims was to encourage the use of two-factor authentication. “Chip and PIN is good, but you need a card reader as well,” he said. “We are currently determining an industry position on the issue. It is essential to preserving the reputation of the channel.”
Martin added that if such fraud were allowed to continue it would have a terrible impact on online businesses, “trust in the services will go, as will reputations” he explained.
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