WASHINGTON — The federal government might be shut down, but Visa's semiannual Global Security Summit launched on time Wednesday morning in an auditorium at the Ronald Reagan Building in Washington.
More than 500 executives from financial institutions, security firms, payment networks and software firms have gathered in DC to preview the newest frontiers in developing secure means of electronic and card payments.
Also from Global Security Summit:
Tightening the Fraud Net
Card Data Old Hat
Ellen Ritchey, Visa's Global Head of Enterprise Risk, outlined the challenges payment security executives face:
More than 200 million phishing emails are sent to consumers each day, and 80,000 respond.
Big business data compromises involve a lot more data per compromise, but 98% of compromises come from small businesses.
At least 10% of American consumers have shared their social security numbers on a social media site.
To widespread groans and chuckles from the audience, Ritchey shared examples of people who had sent pictures of their debit cards on twitter or put their card data on their Facebook pages.
“These are the challenges our industry faces,” Ritchey said.