Do you know who Ellen Richey is? In addition to serving as Visa’s vice chairman of risk and public policy at Visa Inc., she was also recently named as one of the most influential women in payments by PaymentsSource.
Accepting the award, Richey highlighted the ways in which around-the-clock media coverage of hacks have heightened consumer awareness of breaches, making consumers more concerned than ever about the safety of their personal information.
These stories, unfortunately, can deter consumers from trying out new technology, such as electronic payments. But, Richey pointed out, news reports on large data breaches can sometimes exaggerate their impact.
Visa is working to ensure that customers don’t have to fear the breach. In 2015 and beyond, Visa continues to expand new technologies, like chip-based EMV cards to improve security and make sure that consumers’ sensitive data stays private, as well as expanding its tokenization program, which replaces the traditional payment card account number with a unique digital token in online and mobile transactions.