Arroweye CEO Render Dahiya outlines challenges and solutions in issuing smart chip payment cards.
Increased regulation and new technologies have transformed the banking and payment industries over the last decade. Our industry is constantly evolving and, the next big leap in that evolution is EMV “smart-chip” technology.
Fifty-four percent of those 2014 breaches related to identity theft; 17 percent to financial access; and 11 percent to account access. And in that year, 32 data records were lost or stolen every second—averaging out to almost 2.8 million a day. In a world of widespread breaches, card issuers must look at reissuance as an opportunity.