Sound Off: How Is SoftPOS Changing the Payments Landscape?PCI Expert Troy Leach Sounds Off on SoftPOS and the 'Renaissance of Payments'
Software Point of Sale or SoftPOS is a groundbreaking technology that allows businesses to accept card payments directly on their devices without requiring any additional software. As this payment method gains widespread adoption, what does it mean for the security of our payments systems?
In this episode of "Sound Off," Troy Leach, former CTO of the PCI Security Standards Council and currently chief strategy officer of Cloud Security Alliance, weighs in on how SoftPOS is changing the payments and security landscape.
The general trend of migration from hardware terminals to software in banking has inspired a "renaissance of payments," says Leach, but it requires a new approach to security and payments. "Going forward, we are going to see a need for higher levels of multifactor authentication. We are going to see a need for, in general, better monitoring and understanding and being able to demonstrate that," he says.
In this video interview with Information Security Media Group, Leach discusses:
- SoftPOS and the general trend of payments systems moving from hardware terminals to software;
- How SoftPOS is redefining the payment acceptance space;
- Steps that need to be taken to secure new payments systems.
Leach has spent more than 25 years educating and advocating for the advancement of responsible technology to improve the quality of living and parity for all. He sits on several advisory boards as an expert in information security and financial payments. Leach also founded a consulting practice that advises on the opportunities to leverage blockchain technology, zero trust methodology and various cloud services to create safe and trusted environments. Previously, he helped establish and lead the PCI Security Standards Council.
Don't miss our previous installments of Sound Off, including the March 14 edition with identity expert Jeremy Grant, who discusses the gaps that the executive order on identity theft must address, and the Sept. 1 edition with cryptocurrency expert Ari Redbord, who discusses the impact of the Tornado Cash sanctions on the DeFi world.