Target and other high-profile retail data breaches have captured the attention of executives and policymakers alike. Beyond the financial consequences, there is one positive outcome: a renewed focus by financial institutions and retailers to advance payment system security. In this exclusive session from ISMG's San Francisco Fraud Summit, Visa's Ellen Richey discusses:
The complexity of the payments ecosystem;
How to improve payments security by de-valuing data;
The merits of merging security solutions, including EMV, tokenization and encryption.
In the wake of the Target and Neiman Marcus data breaches, Visa's Ellen Richey, EVP, Chief Legal Officer and Chief Enterprise Risk Officer at Visa Inc., appeared before the US Congress to discuss payments security.
During a March 26 hearing before the Senate Commerce, Science and Transportation Committee, Richey discussed steps to ensure card data is protected, and she emphasized why all industry players must take steps to enhance retail security. She also spoke about the security limitations of emerging chip cards and why Visa is pushing for more standardized use of tokenization.
"Our work is never done," Richey testified. "A critical first step is to limit the amount of data that needs to be protected. ... And strong data security remains fundamental."
Richey expanded this message at the SF Fraud Summit, where she focused on the future of payments security, stressing that card issuers, retailers, payments processors and others handling card data must go far beyond compliance with the PCI Data Security Standard to effectively fight fraud.
In this recording of her Fraud Summit presentation, Richey discusses:
The role enhanced analytics plays in fraud detection;
How Visa is working with other card brands to spur adoption of EMV in the U.S.;
Why tokenization is so critical for the security of e-commerce, card-not-present transactions.
ISMG's Fraud Summits are one-day events focused exclusively on the top fraud trends impacting organizations and the mitigation strategies to overcome those challenges.
EVP, Chief Legal Officer and Chief Enterprise Risk Officer, Visa Inc.
Richey, who first joined Visa in 2007, serves as executive vice president, chief legal officer and chief enterprise risk officer. She is responsible for the legal function as well as oversight of Visa's compliance, audit and risk teams, including payment system risk, settlement risk and enterprise risk. Prior to joining Visa, she worked at Washington Mutual, Inc., as senior vice president of enterprise risk management and executive vice president of card services.