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Card security a costly fix, according to Aite study

Aite Group, a Boston-based research and advisory firm, on Wednesday issued a report with some interesting findings on what folks in the industry think it will take to secure payment cards. Respondents to a survey the firm conducted at the MasterCard Risk Symposium in Miami last month expect it will cost around $100 billion to fix card security in the U.S. Sixty-seven percent of survey participants expect card issuers to foot that whopping bill. Now, the report is based on a rather small sample — 29 people — but it carries weight with most of those people heads of risk management for issuing banks or payment processors.

So exactly what will it take to improve card security? Ninety-two percent of those surveyed by Aite Group believe end-to-end encryption of the card network to have a high impact in reducing card fraud losses within the next three years, according to the report. More than two-thirds of respondents see DLP technologies as helping to reduce card fraud. Fewer see a move to EMV architecture (an industry standard for chip-based payment cards) as having a big impact, but Aite Group researchers figure that may just be because most don’t see it happening very soon in the U.S. Those surveyed said the decision to shift to EMV in the U.S. is likely at least five years away and 36% don’t believe it will ever happen.

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