Visa Hosts Security Summit in Capitol

April 28, 2011

Visa Inc. chief enterprise risk officer Ellen Richey opened the company’s fourth Global Security Summit in Washington, D.C. yesterday by applauding progress made in electronic payments security but warning that all stakeholders need to rapidly adopt “smarter” technologies and better application of risk-management intelligence. Despite progress, Richey highlighted several challenges ahead, including persistent and negative consumer perceptions about data security. She said 61 percent of consumers believe criminals are ahead of the payment industry when it comes to fraud. The summit included panel discussions on several topics, including a session devoted entirely to e-commerce that examined growth opportunities for the channel while also discussing specific risk mitigation strategies such as encryption, tokenization and dynamic authentication. During the session, David Glaser, vice-president at Visa-owned global payment gateway CyberSource said organizations should turn to hosted payment and token acceptance services that allow businesses to move their customers away from their merchant Web site and directly to the payment system site.