Richey conveyed four priorities she sees as critical for the future security of the payment industry, including:
Driving home the importance of empowering consumers to take a more active role in protecting their card accounts, Richey highlighted a Visa service to provide near real-time alerts and notifications when a registered Visa card is used for a purchase or cash withdrawal. In addition to providing cardholders a tool to track and manage their accounts, transaction alerts can also help limit the extent of potential fraud. If a cardholder receives a suspicious alert, they can immediately call their issuer.
"Visa's early-warning system can provide peace of mind and help protect consumers from card fraud at the crime's initial stage," Richey said. "A consumer who receives an alert would be able to make a simple phone call to stop fraud in its tracks."
Visa's transaction alerts and notifications service is commercially available today for Chase Visa cardholders with mobile devices powered by Android, the Open Handset Alliance's open source platform for mobile devices. The service will be rolled out to additional financial institutions and for additional mobile devices later this year.
Held in cooperation with the Economist Intelligence Unit, Visa's Global Security Summit was convened to discuss how payments system participants can collaborate to protect cardholders against current and emerging security threats. Five panels were assembled to cover topics related to innovations in payment security, strengthening e-commerce security, small business data protection, global executives' security priorities, and the world of hackers. A webcast of the summit can be viewed at www.visasecuritysummit.com.