May 25, 2019
Latest News

Visa aims to make hacking digital payments not worth the effort

 The Vice President and Visa Risk Manager, Ellen Richey, who is currently in Miami, United States, to participate in the

The Vice President and Visa Risk Manager, Ellen Richey, who is currently in Miami, United States, to participate in the "2019 Visa Security Summit: Security, Innovation, Trust", poses for a photograph provided by Visa on March, 12, 2019. EPA-EFE / Jeffrey Paul Kraus / Visa / EDITORIAL USE ONLY / NO SALES

Miami, Mar 14 (epa-efe).- Instead of building a "wall" to protect digital payments, Visa opts to reduce the amount of information contained in transactions to the point of making them unattractive targets for cyber crooks, Chief Enterprise Risk Officer Ellen Richey told EFE.

That approach has helped to hold down the fraud risk rate to "less than 10 cents per each $100 transaction" over the last 15 years, she said in Miami, venue for the 2019 Visa Latin America and Caribbean Security Summit.

"The answer is, there is no wall because everything behind the wall is worthless. There is nothing to protect. That is the beauty of this," Richey said.

"For the payments to go through so many places we have to devalue the data," she said.

Besides minimizing the information, Visa is exploring "tokenization" and the use of biometric data for personal identification, the executive said, adding that the idea behind the token is similar to the concept of the chip already present in many credit and debit cards.

Like the chip, the token transmits an encoded message that must accompany the card number to complete a transaction, Richey said.

The token is intended for use "in a particular setting, on a particular device or particular Web site," she said.

"In both cases, if the data are stolen they can't be re-used for fraud," the Visa executive said.

Another strategy relies on "ever more sophisticated" tools, such as machine learning or artificial intelligence, to analyze the behavior of cardholders and detect "unusual or suspicious" transactions, she said.

Richey said that the nature of the risk to payment systems changes with each successive technological revolution, "which are coming more and more quickly."

Looking ahead, she said that the impending threat comes from "the brute force attack."

Because the advent of the chip means that a card number alone is not enough to conduct a fraudulent transaction, criminal organizations "are trying to guess the data," Richey said.

Using computers, crooks will run "hundreds of thousands, perhaps millions, of tests to be able to guess the account number, the expiration and date and the three-digit (security) code," she said.

Cyber crime is a $600 billion-a-year industry, Richey said, citing research from computer security firm McAfee.

"With the explosion of connectivity, there are many more opportunities for the fraudsters," she said.

News history
Waiting in long lines to buy food is Cuba's current crisis and biggest joke

By Atahualpa Amerise

Mexico's plans for embattled energy sector spark criticism

Eduard Ribas i Admetlla

Champions final to generate 123 million euros, 66 million will stay in Madrid

Madrid, May 24 (efe-epa).- The UEFA Champions League final between Tottenham Hotspur and Liverpool at the Wanda Metropolitano stadium in Madrid will...

Experts stress using digital tools to make Colombian companies more dynamic

Cali, Colombia, May 23 (efe-epa).- Increasing human beings' use of digital tools is the vehicle whereby Colombia's business sector will develop, several...

Trump pledges another $16 bn for farmers hurt by Chinese tariffs

Washington, May 23 (efe-epa).- President Donald Trump on Thursday approved a second aid package for US farmers, this one for $16 billion, with the aim of...

China, Brazil agree to boost trade, cooperation

Beijing, May 23 (efe-epa).- The vice presidents of China and Brazil presided here Thursday over the fifth gathering of the Sino-Brazilian High-Level...

ECB officials warned Eurozone economy may not rebound as expected

By Tom Fairless

Xi pushes for innovation so that China wins the new technological Cold War

By Jesus Centeno

FAA's acting chief won't predict when Boeing 737 MAX will return to flight

By Andy Pasztor

Deutsche Bank CEO signals more cuts to investment bank

By Jenny Strasburg

Israel blockades stem exports from Gaza

By Laura Fernández Palomo

Carlos Ghosn attends first preliminary hearing in Tokyo ahead of trial

Tokyo, May 23 (efe-epa).- The former head of Nissan and Renault on Thursday attended the first preliminary hearing ahead of his trial, as his defense team...

Massive seaweed influx in Cancun's hotel zone

Cancun, Mexico, May 22 (efe-epa).- The hotel zone along the beaches in the Mexican resort city of Cancun on Wednesday experienced a massive influx of...

Journalism in digital age must rethink how to reach its audience

By Gina Baldivieso

Geneva, May 22 (efe-epa).- Venezuela's health minister said here Wednesday that economic sanctions imposed by Washington are to blame for shortages of...

Bucking US sanctions, American Airlines expands flights to Cuba

Havana, May 22 (efe-epa).- American Airlines, the leading international carrier serving Cuba, said Wednesday that it intends to offer additional flights to...

The UK's British Steel begins insolvency proceedings

London, May 22 (efe-epa).- British Steel Ltd., the United Kingdom's second-largest steelmaker, has started insolvency proceedings after the country's High...

Rare earths emerge as China's possible trump card in trade war against US

Jesus Centeno

India's antitrust watchdog surveys e-commerce firms including Amazon, Walmart

New Delhi, May 22 (efe-epa).- India's antitrust watchdog is assessing the domestic e-commerce sector, a step that could have consequences for

Internal review reveals sexual assault cases in New Zealand parliament

Sydney, Australia, May 22 (efe-epa).- The New Zealand parliament on Wednesday admitted that at least three cases of serious sexual assault had taken place...

UN forecasts global economy to grow 2.7 pct. in 2019, 2.9 pct. in 2020

United Nations, May 21 (efe-epa).- The United Nations on Tuesday downgraded its forecast for world economic growth, announcing that it expects overall...

Plastic waste being made into ecologically friendly houses in western Mexico

By Mariana Gonzalez

Dr. AI comes to aid of China’s ailing healthcare

By Paula Escalada Medrano

Italian airline Alitalia cancels more than 280 flights due to strike

Rome, May 21 (efe-epa).- Italian airline Alitalia has canceled more than 280 flights on Tuesday amid a national 24-hour strike called by air sector unions.

I agree Welcome to We use cookies to improve your online experience. Find out more.