MasterCard, Visa Form Cross-Industry Security Group (March 10, 2014)
MasterCard and Visa announced last Friday the formation of a new cross-industry group focused on enhancing payment system security to keep pace with the expectations of consumers, retailers and financial institutions, according to an announcement. The group initially will focus on adoption of EMV chip technology in the U.S., in addition to addressing other security-related topics, including tokenization, point-to-point encryption and broader needs of the region.
“The recent high-profile breaches have served as a catalyst for much-needed collaboration between the retail and financial services industry on the issue of payment security,” said Visa President Ryan McInerney. “As we have long said, no one industry or technology can solve the issue of payment system fraud on its own.”