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Visa, MasterCard form group to push for better card security

debt credit card

Credit card companies like MasterCard and Visa have formed a new cross-industry group to increase security across networks.

The move is on the heels of several data breaches at retailers like Target.

The new group, which will include representatives from the retailing, financial, and equipment manufacturing industries will focus on the adoption of EMV chip technology in the United States.

The technology is already used in Europe and Asia.

The EMV chip stores information rather than the magnetic strips that have been used in the past.

Now cards with chips are more difficult to counterfeit.

MasterCard and Visa had already set a deadline of October 2015 for U.S. retailers to adopt the new payment technology.