The FIDO Alliance is teaming up with EMVCo, the regulatory body responsible for EMV chip standards, to explore how FIDO’s authentication standards could be incorporated into EMV frameworks. The organizations have signed a Memorandum of Understanding to start exploring the idea, and will start with an exploratory process that could lead to more substantial efforts in the future.
It’s a collaboration that could have a substantial impact on security in financial services, especially with respect to consumer security. EMV chip cards are increasingly common around the world, with a regulatory change incentivizing merchants to accept the payment cards in the US starting last autumn. The technology is at the forefront of the fight against everyday payment card fraud, an area where FIDO’s emphasis on sophisticated, multi-factor authentication could prove highly effective.
For EMVCo’s part, the move may be in part a response to the financial services organizations it serves, with Visa having announced plans to submit a biometric authentication standard for EMV chip cards to EMVCo last September. And for the FIDO Alliance, the partnership offers further evidence and validation of the consortium’s growing credibility and importance in promoting and establishing strong authentication standards.
(Originally posted on FindBiometrics)