ASC X9 Releases New Standard for Securing and Managing Mobile Commerce
Summary
Mobile commerce presents a number of security and management challenges, such as customer isolation, the use of merchant-unattended terminals or kiosks, non-financial platforms that may not be trustworthy, and cellular, wireless and other connections that persist after an action has concluded, as well as the risks inherent in card-not-present transactions.As mobile devices and services become compliant with this standard, mobile-related risks will decrease, consumer confidence will increase, and mobile-related identify theft and fraud should be reduced."Developers, implementers, service providers and assessors for the financial industry will welcome the guidance contained in the X9.112-3 requirements and recommendations, and end users will enjoy higher levels of security throughout every phase of a transaction, from initiation to completion.X9.112-3 is the third piece of a multipart ANSI standard developed by X9s Data and Information Subcommittee, which addresses different technologies and application environments using wireless communications.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.