Apacs standard to help secure net transactions


Apacs standard to help secure net transactions

The Association of Payment Clearing Services (Apacs) has arrived at a UK standard for an authentication device for cardholder-not-present credit and debit card transactions, conducted online or over the phone.

Apacs said the standard would allow banks to start working in earnest on developing interoperable card readers for consumer use. The readers work by generating a unique authentication code for a transaction when a card is used.

The technical specifications for the standard, which took nearly four years to agree, will use chip-and-Pin cards and will require changes to banks' back-end systems.

The first readers are not expected to be ready for at least a year, though some banks, including Barclays, are already in the development phase.

Apacs said developing the standard had taken so long because of the complexity in keeping up with changing global standards and the need to consult with all interested parties.

Tracking developments in patterns and types of fraudulent activity had also posed a challenge, an Apacs representative said.

"It is now up to the banks to pick up the baton and develop these universal readers for the commercial market," she added.

Email Alerts

Register now to receive ComputerWeekly.com IT-related news, guides and more, delivered to your inbox.
By submitting your personal information, you agree to receive emails regarding relevant products and special offers from TechTarget and its partners. You also agree that your personal information may be transferred and processed in the United States, and that you have read and agree to the Terms of Use and the Privacy Policy.

COMMENTS powered by Disqus  //  Commenting policy