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Technology / Software

MasterCard and Visa team up to boost payment security

Credit card companies MasterCard and Visa have formed a cross-industry group with financial organisations and industry trade groups to enhance payment system security in the wake of multiple high-profile data breaches.

The new group have also pressed US retailers and banks to meet a 2015 deadline to implement the new technology that would make it safer to pay with plastic.

MasterCard North American Markets president Chris McWilton said that one of the critical roles is to protect consumers and businesses against criminals and fraudsters.

"Only through industry collaboration and cooperation will we address the real and immediate issue of security and maintain consumer confidence and trust," McWilton said.

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"EMV will be the next step in these efforts, alongside enhanced security solutions for online and mobile channels."

The group will include representatives from banks, credit unions, retailers, point-of-sale device manufacturers and industry trade groups.

Visa president Ryan McInerney said that 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.

"As we have long said, no one industry or technology can solve the issue of payment system fraud on its own," McInerney said.

"These conversations will serve as a useful forum to share ideas, break down barriers and spur the adoption of next generation security solutions for the benefit of all."

Further, the new group will work on promoting additional security solutions including tokenisation and point to point encryption, as well as developing an actionable roadmap to protect the future across all segments of the payments industry

Both payment networks have also jointly supported new internet-based technologies that enable payments for shopping via contactless payment systems through mobile devices, as well as introducing new mobile payment systems.
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CBR Staff Writer

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