How Visa Credit Cards Are Keeping You Safe From Fraud
Stephanie Ericksen, Vice President of Global Risk Products for Visa, explains how the company is stepping up its card security. Despite a series of high profile data breaches, Ericksen says the average consumer is actually very safe.
Ericksen notes 95% of transactions made in the U.S. are now made using chip-enabled cards. Merchants with chip-enabled readers have reported a 66% drop in fraud cases.
Visa is exploring biometric card security, as well. Iris scanning and voice recognition could be card security options in the future. Ericksen also notes 40% of Visa transactions aren't made using a card at all, but instead through Apple Pay.
The Trump administration has ordered the Consumer Financial Protection Bureau to stop nearly all its work, effectively shutting down the agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal. Russell Vought is the newly installed director of the Office of Management and Budget. Vought directed the CFPB in a Saturday night email to stop work on proposed rules, to suspend the effective dates on any rules that were finalized but not yet effective, and to stop investigative work and not begin any new investigations. The agency has been a target of conservatives since President Barack Obama created it following the 2007-2008 financial crisis.
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