emvco
Cybersecurity Fintech Companies Fintech UK Latest News

EMVCo Establishes Security Evaluation Process for Software-Based Mobile Payments

EMVCo has established a Security Evaluation Process for software-based mobile payments (SBMP) to provide an efficient, flexible offering for product providers and promote a robust security foundation for SBMP solutions.

There are an increasing number of solutions being deployed that use software applications to store and perform payment transactions on mobile devices. As SBMP applications must operate in the more vulnerable consumer device environment, solutions often utilise a layered security approach incorporating various device and software components to help with combating the potential threats.

EMVCo recognised an opportunity to develop a common approach to evaluating the security of SBMP solutions, consolidating existing processes and industry best-practices. The SBMP Security Evaluation Process therefore introduces a ‘component’ and ‘integration’ evaluation model. This allows components to be evaluated either independently or together to validate the security of the overall solution. Individual component evaluation modules include:

  • Trusted Execution Environment (TEE)
  • Consumer Device Cardholder Verification Method (CDCVM)

EMVCo has also developed programme documents to describe the security requirements, evaluation process and methodology.

Please follow and like us:

Related posts

Carey Olsen Advises On Latest GNY.IO Coin Offering Launch

thefintechtimes

Enterprise Ireland Supports Over 80,000 UK Jobs

thefintechtimes

Billon receives €2m grant from Horizon 2020

thefintechtimes

Enjoy this blog? Please spread the word :)