Reduce fraud by devaluing card data, says Visa exec

05/5/2014 | BankInfoSecurity.com

Devaluing payment card data so that hackers cannot use it is an important route to reducing fraud, says Ellen Richey, chief legal officer and enterprise risk officer for Visa. The company is working on a plan to do so, and it includes moving from magnetic-stripe cards to chip cards, tokenization of card data and end-to-end encryption. Richey also recommends banking institutions and retailers use data analytics to monitor transactions to find suspicious patterns and activity.

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