March 14, 2014 - Card companies MasterCard and Visa have announced the formation of a cross-industry effort to improve the safety and security of card payments. The firms have announced the partnership in a bid to ensure payment security meets the needs of financial institutions and retailers, who face cyber attacks that are growing in frequency and sophistication.

The group has announced it will initially focus its efforts on the adoption of EMV chip technology in the US, following calls for the finance industry and politicians to bring the nation in line with those that have been using the technology for a number of years.

Other security issues, including tokenisation, point-to-point encryption and the broader needs of the region will also be addressed by the group. Chris McWilton, president of North American Markets at MasterCard, said: "Only through industry collaboration and cooperation will we address the real and immediate issue of security and maintain consumer confidence and trust. EMV will be the next step in these efforts, alongside enhanced security solutions for online and mobile channels."

The new group will include a diverse group of participants in the payment system, including banks, credit unions, retailers, the manufacturers of point-of-sale devices and a number of industry trade groups.

Card companies MasterCard and Visa have announced the formation of a cross-industry effort to improve the safety and security of card payments.

The firms have announced the partnership in a bid to ensure payment security meets the needs of financial institutions and retailers, who face cyber attacks that are growing in frequency and sophistication.

The group has announced it will initially focus its efforts on the adoption of EMV chip technology in the US, following calls for the finance industry and politicians to bring the nation in line with those that have been using the technology for a number of years.

Other security issues, including tokenisation, point-to-point encryption and the broader needs of the region will also be addressed by the group.

Chris McWilton, president of North American Markets at MasterCard, said: "Only through industry collaboration and cooperation will we address the real and immediate issue of security and maintain consumer confidence and trust. EMV will be the next step in these efforts, alongside enhanced security solutions for online and mobile channels."

The new group will include a diverse group of participants in the payment system, including banks, credit unions, retailers, the manufacturers of point-of-sale devices and a number of industry trade groups.

Ryan McInerney, president of Visa Inc, said that recent high-profile breaches have served as the catalyst for much-needed collaboration between the financial services industry and retailers on the issue of payment security.

He added: "As we have long said, no one industry or technology can solve the issue of payment system fraud on its own. These conversations will serve as a useful forum to share ideas, break down barriers and spur the adoption of next generation security solutions for the benefit of all."

As well as promoting the use of chip and pin technology, the group will be looking into the protection of mobile and online transactions, through tokenisation, and creating an actionable roadmap for securing the future across all segments of the payments industry.

Ryan McInerney, president of Visa Inc, said that recent high-profile breaches have served as the catalyst for much-needed collaboration between the financial services industry and retailers on the issue of payment security.

He added: "As we have long said, no one industry or technology can solve the issue of payment system fraud on its own. These conversations will serve as a useful forum to share ideas, break down barriers and spur the adoption of next generation security solutions for the benefit of all."

As well as promoting the use of chip and pin technology, the group will be looking into the protection of mobile and online transactions, through tokenisation, and creating an actionable roadmap for securing the future across all segments of the payments industry.