Visa Hosts Industry Leaders at First Security Summit

"Trust is crucial to the success of economic systems," explained Coghlan. "I believe that the security of our clients' data is one of the most important pillars of that trust."

Looking out on the current security environment, Coghlan declared that the time for cross-industry collaboration on issues of cardholder security has arrived.

"We are all reliant on each other," said Coghlan. "The threats to our customers' trust in us will not lessen.  Without remorse, and without rest, criminals will seek to undermine our electronic payments system.  Together, we will defend against those attacks."

Addressing how best to ensure continued consumer confidence, a wide range of experts at the summit explored a number of related areas, including best practices for safeguarding customer information, dissecting a data compromise event, and how best to combat identity theft and assist its victims.

"Together, we actually have the intent, the capabilities, and the resources to harden our environment even further and secure the trust of consumers and businesses," declared Coghlan, who highlighted examples of how Visa is answering the challenge.  Through significant investments in technology, the incidence of Visa-system fraud has fallen to just 6 cents per $100 transacted, even as the volume of Visa card transactions has grown.  "I have also directed an increase in our spending in anti-fraud measures by at least $200 million over the next four years."

To conclude his remarks, Coghlan outlined some specific areas where he believes the payments industry can best work together to enhance security. Specifically, he called for:

• A national, uniform data protection standard for every entity that retains sensitive personal information.
• A national standard for consumer disclosure of security breaches in place of multiple state laws.
• Tougher penalties for criminals responsible for card and data fraud.
• International collaboration to ensure that data thieves are brought to justice. Specifically, Visa supports an international treaty that bans trafficking in stolen card data and legislation that would give the FTC greater ability to cooperate with law enforcement agencies worldwide to fight cross-border fraud.