Visa to Bring Together Business Leaders to Address Security in the Payments Industry

Although Visa's fraud rate has fallen to historic low levels, Steve Ruwe, executive vice president, operations and risk management, Visa USA, says this summit provides an opportunity for achieving even greater, long-term security through coordinated action.

"As today's criminals become more sophisticated, unpredictable and complex, all players in the global payments system must be unified and resolute in protecting cardholder information," Ruwe said.

"All of us at Visa, member financial institutions, merchants, government and law enforcement have a shared responsibility for stopping fraud. The key is to take a holistic approach to security issues, and work together to find even more ways to protect consumers and deter criminals, many of whom reside outside the United States. This summit intends to bring together key players from various industries, law enforcement, consumer protection organizations and government to address the security threats of today and tomorrow," Ruwe said.

"Over the years, Visa has deployed multiple layers of security to ensure that all of our stakeholders are protected by the latest and most advanced anti-fraud technologies, products and services," Ruwe said. "Equally important is our ongoing commitment to education and working with key players from financial institutions, consumer advocacy groups, the government as well as the merchant community to ensure maximum cooperation in the fight against fraud. To us, this means listening as much as talking, and we're proud to bring this distinguished group together to advance this dialogue and work harder to keep fraud low and the payments system secure."