While the introduction of the mobile wallet has created a lot of excitement across the retail and financial services industries, the European Central Bank (ECB) is pushing for greater security standards. When the ECB’s SecuRe Pay guidelines come into effect in August 2015, most current mobile wallets will not meet the security standards for online and in-store payments across Europe.
In response, a number of leading stakeholders in the information security community have joined forces to try and resolve this problem, through the MIDAS Alliance (www.midasalliance.org). MIDAS stands for Mobile Identity Authentication Standard, and the alliance’s primary aim is to promote information security and authentication innovation through industry-wide collaboration.
Two of the organization’s founding members are FICO and Experian.
Source: Midas Alliance Press Release