In an article for Bank Systems and Technology, Olivia LaBarre highlights increasing concerns about the EMV security standard. The article quotes:
‘Lars Davies, CEO and founder of Kalypton, a group of companies that specializes in secure information management and electronic payment systems, says the findings suggest that EMV needs to be replaced by a new, less complex solution. He claims that in order to fix holes in the EMV specification one would have to add more layers onto it, making it even more complex and less adaptable to changes or future fixes. “Simply adding to the EMV standard is like continually adding small sticking plasters to a constantly seeping wound,” he says.’
Defenders of EMV point out that it is better than the standard it is replacing and argue that implementing a superior solution would incur unacceptable delay. Tereon was developed to address that last concern and is available for purchase now.