A new paper from the Payments Security Task Force (PST) has outlined a strategic road map for increased payments system security, designed to keep consumers’ personal information from being compromised.

Eric Richard, general counsel and executive vice president for regulatory affairs for the Credit Union National Association, serves as CUNA’s representative on the task force, which also includes senior staff from Visa, MasterCard, financial institutions and merchants.

“We are encouraged by collaborative efforts on this strategic road map issued by the Payment Security Task Force. The joint paper provides background and key recommendations for merchants, acquirers and other stakeholders to take steps to improve payments security,” Richard said.

CUNA also believes that a layered approach to improving payments security should consist of chip cards, encryption and tokenization for all entities.

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