Massive consumer credit-card security breaches at Target and other retailers have led two rival giants, Purchase-based MasterCard Inc. and Visa Inc., to form a new cross-industry group focused on enhancing payment system security for consumers, merchants and financial institutions.
The corporate partners in a recent press release said the group initially will focus on the adoption of fraud-resistant EMV (Europay, MasterCard and Visa) chip technology in the U.S. and address other security-related topics, especially measures to protect mobile and online transactions.
The group will include banks of all sizes, credit unions, acquirers, retailers, point-of-sale device manufacturers and industry trade groups.
“One of the critical roles we play is to protect consumers and businesses against criminals and fraudsters,” Chris McWilton, president of North American markets at MasterCard, said in the joint announcement. “Only through industry collaboration and cooperation will we address the real and immediate issue of security and maintain consumer confidence and trust.”
Ryan McInerney, president of 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”¦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.”
