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 a partner in the firm’s Financial Institutions practice group. He represents banks and other financial institutions on a wide variety of bank regulatory, enforcement, legislative and policy issues.  Mr. Nonaka also is co-chair of the firm’s Fintech Initiative and works…

Michael Nonaka is a partner in the firm’s Financial Institutions practice group. He represents banks and other financial institutions on a wide variety of bank regulatory, enforcement, legislative and policy issues.  Mr. Nonaka also is co-chair of 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 big data, blockchain and related technologies, bitcoin and other virtual currencies, same day payments, and online lending.