ETA Payments Security Day Spotlights Payments Industry Innovations

April 27, 2015

High-level policy discussions offered concrete insights on current and future safety in electronic payments

WASHINGTON, DC – The Electronic Transactions Association (ETA), the global trade association representing the payments technology industry, in conjunction with UL (Underwriters Laboratories), recently held Payments Security Day. Featuring a keynote address from Senator Johnny Isakson highlighting the importance of electronic payments for U.S. commerce, this forum helped senior level individuals representing policymakers, companies, think tanks, law firms, law enforcement and members of the media to better understand the new payments paradigm and various ways the industry is enhancing and expanding payments security.

“ETA member companies are investing billions of dollars to ensure our payments networks are safe, reliable, and secure,” said ETA CEO Jason Oxman. “Our industry is deploying the latest in cutting edge solutions to combat increasingly sophisticated cybercriminals.”

Panel discussions included insights on the current landscape in payment security in the US, the role and value of EMV, the future of e-commerce and mobile payments, and prototype payment and transaction securities.

“We are honored to have hosted this important event alongside our friends at ETA,” said Maarten Bron, Director of Innovations at UL Transaction Security. “Fraud migration is happening today, and, in fact, we are seeing increasing levels of cross-channel contamination. As data is stolen in one channel, it is used in another. We believe that to combat this, and to ensure that we don’t push the larger problem somewhere else, the payments industry should consider a holistic approach through point-to-point encryption coupled with tokenization and EMV.”

The event coincided with the passage of HR 1731, The National Cybersecurity Advancement Act. This is the second cybersecurity bill passed by the House this week (the Protecting Cyber Networks Act, or PCNA, was passed on Tuesday). These bills strengthen the ability of the private sector and the Federal government to work together to develop a more effective information-sharing framework to respond to cyber threats, while providing liability and privacy protection.

Other recent ETA policy days have focused on international payments, mobile payments, digital currencies and prepaid cards.

For media inquiries, contact Meghan Cieslak, 202.677.7406 or [email protected]

About ETA

The Electronic Transactions Association (ETA) is the global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $5 trillion in purchases in the U.S. and deploying payments innovations to merchants and consumers.