More Credit Card Security On the Way
There has been a spike in the number of reported credit card breaches in recent days, including the most well-known of them all, Target, which led to the eventual resignation of its Chief Information Officer. Now, the California Department of Motor Vehicles has reportedly experienced a possible breach of its online payment system.
It has become clear that the current security measures are insufficient to protect consumers and the corporate entities catering to the credit card consumer. In this regard, both Visa and MasterCard have announced an initiative to increase payment security. The increased security will include advanced chip technology which, in some regards, has already been implemented in other developed countries, including smart chips and point-of-sale data encryption.
It is hoped that the increased security measures will not be intrusive on a consumer’s ability to purchase but at the same time hinder further efforts by criminals who look to compromise credit card data.