Another Huge Stride Toward More Secure Payments
With First Data’s STAR Network leading the way, our industry has made huge strides toward more secure payments and a smoother move to chip card technology in the United States. Many agreements between the card brands and debit networks have been announced in the weeks since we announced that the STAR Network would share Visa’s common debit solution.
Now STAR and MasterCard have a similar agreement. These announcements remove a huge stumbling block presented by Regulation II (PDF) and offer issuers, acquirers and merchants a streamlined and cost-effective approach for EMV chip adoption. But it’s not enough.
Chip card technology is only a part of what we can do to offer more protection. Encryption and tokenization also are important tools to help protect consumer data.
With cyber criminals ever focused on finding their way to the data, a layered approach to security is the only way to keep ahead of the crooks. First Data recently hosted a Cyber Security Symposium in New York that brought together the best minds in security to start an industry-wide conversation on how we can all work together to ensure our industry does all that it can to protect the data.
We’re pleased to lead this collaborative effort on behalf of our issuers, merchants, bank partners, security providers and more to work toward better security in payments for all.
Barry McCarthy is president of First Data’s U.S. Financial Services segment.