http://www.zdnet.com/visa-cfo-quite-a-bit-of-investment-needed-to-install-chip-technology-7000027067/
By Larry Dignan
Between the Lines
ZDNet News
March 6, 2014
Visa's chief financial officer said that securing retail point-of-sale
infrastructure will take a hefty investment, chips on credit cards are
critical and better encryption may be the fastest way to secure
transactions.
Byron Pollitt, CFO of Visa, said at the Morgan Stanley Technology Media &
Telecom conference that cybersecurity is the No. 1 topic in the payment
ecosystem following the widely publicized data breaches at Target. Target
CIO Beth Jacob resigned on Wednesday.
Pollitt characterized security as a never-ending investment cycle for
retailers. In the near term, Pollitt said Visa will be "pushing more in
the encryption activity. Encryption that goes beyond the minimum required
to be PCI compliant."
Why? Better encryption could be implemented the fastest. So-called chip
and PIN technology is also critical, but will take more time to implement,
he said. EMV (Europay, Mastercard, Visa) puts chips on cards and makes
them harder to counterfeit. About 70 percent of fraud revolves around the
magnetic stripe on credit cards.
[...]
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