Technology News

Visa And MasterCard Form Security Group

Monday, March 10, 2014 5:14:00 AM PDT | VentureDeal

   New York, New York  --  Credit card payment processors Visa and MasterCard have announced the formation of a new multi-vertical group to focus on enhancing payment system security.

The purpose of the group is to increase security in the retail and financial institution sectors as a result of recent high-profile security breaches.

The group will initially focus on the adoption of EMV chip technology, which generates a unique code for every transaction, making it far more difficult for criminals to use a card for counterfeit fraud.

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PCI - Level1