I use my credit or debit card every day for everything from large purchases to a cup of frozen yogurt. Like most in my generation, I don’t think about how it all works, I just expect that it will. I expect my card to work and most of all, I expect my transaction will be secure.
At the first day of the Global Risk Conference, I’ve been impressed to learn just how much goes into keeping the confidential information of the millions of cardholders around the world private. Even the FBI is involved.
Okay they aren’t directly involved.
Shawn Henry, our keynote speaker was Former Executive Assistant Director of the FBI now President of CrowdStrike Services. His background shows the type of experience involved in protecting cardholder information and the breadth of the partnerships of those attending the conference.
This is a four day event for industry insiders who, like MasterCard, are working to push fraud out of the system. What have I learned so far? EMV (chip & PIN) transactions are an important development to ensure the continued security of payments. There may be some hurdles to overcome with the adoption of EMV technology in the U.S. but according to Shawn, “The financial services sector is innovative… They very much understand the risks. And they take this very seriously.”
He didn’t spill any state secrets, but there are a number of processes and products in place that do the things that keep my card working and ensure I’m the only Rebecca Kaufman out there that possesses my card information.
I am fortunate to be able to see electronic payment security up close, and I feel all cardholders should have an understanding of how their card protects them. Understanding all the work that goes on behind the scenes to mitigate fraud risk is as important as knowing how to pay your electricity bill from your phone. Don’t you think?