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.