When you swipe or insert a card, click a mouse or tap a phone to pay, you expect your personal financial information to be safe. Protecting cardholders and merchants before, during and after a payment transaction is one of the few non-negotiable parts of our respective businesses.
Payment security requires close cooperation among the payment networks, financial institutions, merchants and law enforcement. It also requires significant investments in technology to prevent increasingly well-funded criminals from stealing, selling and using sensitive cardholder data.
In fact, it was just one year ago that we read the headlines about large data breaches and stolen customer information. The stories were pervasive and rattled the trust people had in the system, even with unseen layers of security and Zero Liability policies.
This week in the U.S., the Payments Security Task Force introduced a white paper that looks at three of the most significant technologies – chip, tokenization and encryption – developed to protect card information and make it useless if stolen. More importantly, it offers recommendations on how all participants in the payments ecosystem can navigate security challenges and opportunities.
While the report does not cover every technology or security element, it does highlight best practices that could continue to reduce fraud and help consumers maintain peace of mind that their information will be protected every time they swipe, insert or tap to make a purchase.
In addition, the Task Force has shared forecasts on when chip cards will appear in more people’s wallets, as well as when consumers will be able to use them in stores. Best practices have also been developed for merchant chip testing and certification.
The Payments Security Task Force was announced in March 2014 to drive executive-level discussion to enhance payments system security. The task force includes a diverse group of participants in the U.S. electronic payments industry including payment networks, banks of various sizes, credit unions, acquirers, retailers, point-of-sale device manufacturers and industry trade groups. Over the past year, the group has focused on how to build on the core security components already in place to protect payment card-related information, including enhancing those protections in the digital world.
We invite you to download the Task Force report and join us in continuing to deliver a safe, secure and reliable purchasing experience today and in the years to come.