Newly-appointed chairman of the PCI Security Standards Council, Michael Mitchell, recently reiterated the importance of data security for mobile payments technology and the Council’s priority in studying and advising the industry on such technology.  Chairman Mitchell pointed out the sharp increase in mobile payments but also a lag in security technology protecting such payments.  “The adoption of mobile is running rampant, and when it comes to using personal mobile devices, people have not thought about all of the security.”

In June 2011, the Council, through a Mobile Working Group, released guidance analyzing mobile payment applications and validating such applications within the Payment Application Data Security Standard (PA-DSS).  The working group will next turn its attention to releasing best practice guidance for mobile payments.  As we recently covered in a previous post, the FTC also recently announced it would host a workshop on April 26, 2012, to discuss mobile payments.      

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Photo of Mike Nonaka Mike Nonaka

Michael Nonaka is co-chair of the Financial Services Group and advises banks, financial services providers, fintech companies, and commercial companies on a broad range of compliance, enforcement, transactional, and legislative matters.

He specializes in providing advice relating to federal and state licensing and…

Michael Nonaka is co-chair of the Financial Services Group and advises banks, financial services providers, fintech companies, and commercial companies on a broad range of compliance, enforcement, transactional, and legislative matters.

He specializes in providing advice relating to federal and state licensing and applications matters for banks and other financial institutions, the development of partnerships and platforms to provide innovative financial products and services, and a broad range of compliance areas such as anti-money laundering, financial privacy, cybersecurity, and consumer protection. He also works closely with banks and their directors and senior leadership teams on sensitive supervisory and strategic matters.

Mike plays an active role in the firm’s Fintech Initiative and works with a number of banks, lending companies, money transmitters, payments firms, technology companies, and service providers on innovative technologies such as bitcoin and other cryptocurrencies, blockchain, big data, cloud computing, same day payments, and online lending. He has assisted numerous banks and fintech companies with the launch of innovative deposit and loan products, technology services, and cryptocurrency-related products and services.

Mike has advised a number of clients on compliance with TILA, ECOA, TISA, HMDA, FCRA, EFTA, GLBA, FDCPA, CRA, BSA, USA PATRIOT Act, FTC Act, Reg. K, Reg. O, Reg. W, Reg. Y, state money transmitter laws, state licensed lender laws, state unclaimed property laws, state prepaid access laws, and other federal and state laws and regulations.