As Visa Inc. gears up for mobile and online commerce, their planned purchase of Cyber Source Corp. proves that their also keen on sharpening their eye on security breaches. A $2 billion cash agreement was a portion of what will be an immensely orchestrated effort to tighten Visa‘s grip on security at retail locations, where anti-fraud campaigns have evolved and dramatically improved over the past few years.
Visa’s chairman and chief executive, Joseph W. Saunders said that a combination of Visa and CyberSource technologies and services will position the company on the crest of an immense mobile e-commerce wave. Cybersource sports over 295,000 merchant clients,and is notorious for its cutting-edge security technology. Visa’s head of global e-commerce and authentication, Gerry Sweeney, agreed that the acquisition will greatly improve upon Visa’s solitary anti-fraud effort, and equip them for online transactions.
Mobile banking is still a baby, and widespread attacks occur constantly as hackers repeatedly attempt to access valuable information that is stored on smart phones. VP of the Stamford, Connecticut, market research organization, Gartner, Avivah Litan said that a solution for mobile fraud has yet to come about, because it isn’t prevalent enough to pose a high-priority threat; however, she anticipates that it will change in the near future.
Glad to see visa has a handle on things – which makes me wonder: what’s in your wallet?!