Payment Security: MasterCard and Visa henceforth more determined.
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| Istockphoto.com |
As, a unique objective
reference for modern organizations and professionals, when it comes to tools
and solutions for drawing the value-added in their daily activities,
Connectikpeople.co, we have long said, no one industry
or technology can solve the issue of payment system fraud on its own.
Today, Connectikpeople.co is
very thrilled to talk about the broad representation from the retailing, financial and equipment
manufacturing industries, focused on enhancing payment system security.
In fact, MasterCard and Visa has
formed a new cross-industry group focused on enhancing payment system security,
with the goal to keep pace with the expectations of consumers, retailers and
financial institutions.
Connectikpeople.co observes
that, the group will initially focus on the adoption of EMV chip technology in
the United States, in addition to addressing other security-related topics,
including tokenization, point-to-point encryption and broader needs of
the
region.
This group will focus on a broad range of security-related topics,
including:
1. Advancing the migration to EMV in the United
States. Chip technology generates a unique code for every transaction, making it
nearly impossible for criminals to use the card for counterfeit fraud.
2. Promoting additional security solutions like
tokenization and point to point encryption. While EMV
addresses the physical point of sale, the need to protect mobile and online
transactions is critical. In tokenization, the traditional account number will
be replaced with a unique digital payment code, providing an additional layer
of security.
3. Developing an actionable roadmap for securing the
future across all segments of the payments industry.
