Menu
Finance
Cutting These 10 Everyday Expenses in 2014 Will Save You $8,844
How to Perfectly Plan Your Divorce to Protect Your Assets
PNC Bank Review – Overview of PNC Bank Accounts, Loans and More
Here’s Why Bank of America Just Closed Your Credit Card Without Telling You
2014 Academy Award Statue Valued at Just Under $400
Why You Could Start Seeing Your Credit Score on Your Credit Card Bills
How to Host Your Academy Awards Viewing Party on a Budget
Warren Buffett Reveals His No. 1 Investment Strategy That Anyone Can Follow
Your ATM’s OS is a Decade Old: Here’s Why Banks Are Scrambling to Update It
What You Need to Know About Obama’s $3.9 Trillion 2015 Budget
Discover What a Discover Bank Online Savings Account Can Do For You
4 Tips to Cut Your Monthly Bank Fees
Here’s Why One Analyst Says Bank Stocks Are Going to Double
How Ben Bernanke Earned $250,000 in 40 Minutes
Visa and MasterCard Join Forces to Protect Your Card from Hackers
Visa and MasterCard Join Forces to Protect Your Card from Hackers
Major credit card transaction networks Visa and MasterCard announced today that they are forming “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 a statement.

To form the focus group, MasterCard and Visa will include a variety of companies and organizations from across industries, from banks and credit unions to retailers, industry trade groups and point-of-sale device manufacturers.

President of Visa Inc. Ryan McInerney said the collaboration is a response to recent massive payment security breaches at big-name retailers like Target Corp., Neiman Marcus and, most recently, Sally Beauty, in which tens of millions of consumer’s card information was stolen.

McInerney said these breaches “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. 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,” he said.
EMV Chip Technology Tops Group’s Agenda

This cross-industry group will have the common goal to protect companies and consumers from fraud, said Chris McWilton, president of North American Markets, MasterCard. “Only through industry collaboration and cooperation will we address the real and immediate issue of security and maintain consumer confidence and trust.”

The first action item for the group will be migrating the U.S. market from the currently-ubiquitous swipe and sign payment method to more-secure EMV smart cards, also called the chip-and-PIN payment system. “EMV will be the next step in these efforts, alongside enhanced security solutions for online and mobile channels,” according to the statement.

The group will also be focusing on using stronger encryption and tokenization, in which a unique digital payment code is used instead of an account number, which adds a buffer between fraudsters and potential victims’ funds. It will also be “developing an actionable roadmap for securing the future across all segments of the payments industry,” according to the press release.


Menu
Hey Ladies: Don’t Miss Out on the Broke Boyfriend Tax Exemption
3 Ways to Fix Your Finances in One Hour for Daylight Saving Time
IRS Reports This Year’s Average Tax Refund is $3,034
How to Start Saving Money for Your Baby’s College Education
How to Find Free Tax Preparation in Your City
IRS Wants to Pay You $25,000 for Saving Your Tax Return
5 Secrets Your Bank Doesn’t Want You to Know
How to Handle the 5 Most Awkward Money Situations
4 Tips to Cut Your Monthly Phone and Cable Bills
Stop Wasting Money Because You Won’t Admit You’re Old
Amazon Prime Price Hike: Is It Worth It?
10 Tips for Winning Your March Madness Bracket and Some Extra Cash
I Lost My W-2! What Should I Do?
4 Cheap, Fun Ways to Celebrate St. Patrick’s Day
What Four Leaf Clovers and Interest Rates Today Have in Common
Name
Name

Password