When it comes to customer experience, security is non-negotiable
Robust security means that payment networks, financial institutions, merchants and law enforcement work together closely to protect the network. It also requires significant investments in technology to prevent increasingly well-funded criminals from stealing, selling and using sensitive cardholder data.
With that in mind, Visa joined forces with a diverse group of payment networks, banks, credit unions, acquirers, retailers, point-of-sale device manufacturers and industry trade groups to establish the Payments Security Task force in March 2014.
Since then, they’ve published a strategic roadmap for merchants, payment networks and financial providers in the United States, which reports the startling truth that 80% of U.S. payment fraud is caused by electronic cardholder data theft.
With investments in chip, tokenization, point-to-point encryption and more, Visa believes that these technologies can significantly reduce payment fraud both in the U.S. and around the world.