Visa has announced a set of recommended best security practices which it hopes will become industry standards in the United States (US). Reported in SC Magazine, Visa will also be extending its Technology Innovation Program (TIP) for businesses in the United States with effect from October 2012. Participation in this program will allow businesses to be exempted from having to authenticate their compliance with the Payment Card Industry Data Security Standard (PCIDSS) every year. This is provided that they meet standards set by Visa.
These standards involve the use of chip technologies for transactions. While already widely used in Europe and Asia, it has yet to take off in the US. The use of these chip technologies is said to be one of the main reason for the sharp decline in the number of fraud cases. Analysts point out that high cost s involved in switching to updated terminals as one of the main barriers that retailers and merchants face in consideration of adopting chip technologies. Visa however points to a long term benefit of having lower fraud rate to entice merchants to comply with their new regulations.
To find out more about chip technologies in Asia, visit Card & Payments World Asia 2012 exhibition! Leading solution providers from Asia and beyond will be here to showcase their smart technologies to 8,000 trade attendees. Find out how you can benefit from the event by pre-registering your FREE visit before 13 April 2012!