MPIW Security Workgroup Initiative Progress to Date and Current Status
by Susan Pandy, Director, Payment Strategies, Federal Reserve Bank of Boston
The security of mobile payments at the point-of-sale (POS) is a critical component of successful adoption. As new technologies, platforms, and solutions for mobile POS payments enter the market, efforts to understand and manage security become more complicated. Following a January 2013 meeting of the Mobile Payments Industry Workgroup (MPIW) facilitated by the Federal Reserve Banks of Boston and Atlanta, a sub-group of members known as the MPIW Security Workgroup was initiated to focus on mobile security and risk for retail payments at the POS.
The primary objectives of the group are to:
- Evaluate risks and security options of the different mobile platforms in the end-to-end mobile payment transaction process;
- Determine which technologies and solutions should be part of the optimum mobile security environment;
- Recommend actions to ultimately improve the security profile and perception of mobile payments; and
- Enhance the payment industry and overall market understanding of the security elements of the mobile payments environment.