MasterCard and Visa recently formed a new cross-industry group that would focus on strengthening payment system security.
The new group will initially focus on the adoption of EMV chip technology in the United States and on addressing other security-related topics, including tokenization, point-to-point encryption and broader needs of the region.
“One of the critical roles we play is to protect consumers and businesses against criminals and fraudsters,” 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. EMV will be the next step in these efforts, alongside enhanced security solutions for online and mobile channels.”
Stakeholders in the payments systems, including banks, credit unions, acquirers, retailers, point-of-sale (POS) device manufacturers and industry trade groups, are expected to join the group.
Ryan McInerney, president, Visa Inc., said 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. 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.
MasterCard and Visa said they expect the new group to complement and engage with other efforts across the industry, including proprietary risk councils, EMV task forces and the standard management bodies.