MasterCard Visa form group to push for much better card security Corey Mccall
Submitted 2014-03-14 01:20:41 MasterCard
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Visa Inc and MasterCard Inc said that they had launched a cross-industry group to improve security for card transactions and press U.S. retailers and banks to satisfy a 2015 deadline to embrace technologies that will make it safer to pay with plastic.
The move follows several data breaches at U.S. retailers, such as one at Target Corp late last year involving the theft of about 40 million credit and debit card records.
The new group - which includes banks, credit unions, retailers and industry trade associations - will initially focus on the adoption of 'EMV' chip technologies, MasterCard and Visa said in a statement on Friday..
EMV cards, already utilized in Europe and Asia, store information on computer chips rather than on conventional magnetic strips, making them harder to counterfeit.
They can also require - depending on the issuer - that users enter a personal identification number, or PIN
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