[ISN] Visa CFO: ‘Quite a bit of investment’ needed to install chip technology

http://www.zdnet.com/visa-cfo-quite-a-bit-of-investment-needed-to-install-chip-technology-7000027067/ By Larry Dignan Between the Lines ZDNet News March 6, 2014 Visa’s chief financial officer said that securing retail point-of-sale infrastructure will take a hefty investment, chips on credit cards are critical and better encryption may be the fastest way to secure transactions. Byron Pollitt, CFO of Visa, said at the Morgan Stanley Technology Media & Telecom conference that cybersecurity is the No. 1 topic in the payment ecosystem following the widely publicized data breaches at Target. Target CIO Beth Jacob resigned on Wednesday. Pollitt characterized security as a never-ending investment cycle for retailers. In the near term, Pollitt said Visa will be “pushing more in the encryption activity. Encryption that goes beyond the minimum required to be PCI compliant.” Why? Better encryption could be implemented the fastest. So-called chip and PIN technology is also critical, but will take more time to implement, he said. EMV (Europay, Mastercard, Visa) puts chips on cards and makes them harder to counterfeit. About 70 percent of fraud revolves around the magnetic stripe on credit cards. […]