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January 11, 2021 • Issue 22:01:01

Digital commerce in 2022 – Part 1

• Pillar 1 – Security: The payments industry developed
the PCI DSS, a leading data security standard,
to safely handle cardholder data. Point-to-point
encryption and tokenization eliminate or reduce
exposure to unencrypted payment data. In addition,
new authentication methods verify transactions to
minimize risk of fraud.

• Pillar 2 – Intelligence: The payments industry uses
machine learning and artificial intelligence to monitor
and analyze payment data for suspicious activity.
The industry's robust underwriting and oversight
also fight fraud. Computer chip cards have replaced
magnetic stripe credit and debit cards, protecting
against theft, counterfeit cards, and unauthorized
use of cards in stores.

"These are just some of the tools that the payments industry
has developed in recent years to fight fraud, protect
By Dale S. Laszig consumers, and ensure the integrity of the payments
ecosystem," Kelley wrote. "These efforts have been
dvanced payment technologies are meeting remarkably successful in reducing fraud while ensuring
the needs of a changing world. In this two- that consumers have access to fast, reliable, and safe
part series, payments industry leaders discuss payment options."
A four pillars of digital commerce—security, intel-
ligence, agility and transparency—and their predicted PCI DSS 4.0
impact on consumers, industry trends and regulatory land- The PCI Security Standards Council evolves the Payment
scapes in 2022.
Card Industry (PCI) Data Security Standard (DSS) by
soliciting feedback, educating merchants and expanding
Jodie Kelley, CEO at the Electronic Transactions Association, reach beyond physical points of interaction to emerging
described the ETA's efforts to expand public and private mobile and virtual technologies. The Green Sheet learned
sector collaboration. "Federal legislators grapple with a
wide range of issues: privacy, security, cryptocurrencies,
Central Bank Digital Currencies, stablecoin and other
forms of digital assets," she said. "We meet in person and
in webinars, individual meetings and broader, lunch- Contributed articles inside by:
and-learn sessions in the U.S. and Canada, to engage and Elie Y. Katz ...............................................................................................16
provide information."
Chad Otar ................................................................................................19
Secure, intelligent tools
Jeff Fortney .............................................................................................28
Policymakers and payments stakeholders are equally Tyler Kem .................................................................................................32
invested in protecting consumer identities and data in
stores, mobile apps and online, Kelly stated, highlighting Adam Atlas ..............................................................................................34
mutual areas of interests in a Nov. 30, 2021, letter to the
Federal Trade Commission, summarized as follows: TOC on page 3

Continued on page 26