Online credit card fraud remains at low levels despite recent failures.
Visa chief enterprise risk officer Ellen Richey claimed that despite the current economic climate and high-profile compromises, payment card data fraud rates remain near historic lows.
Richey, speaking at Visa's Global Security Summit in Washington DC, called for continued industry investment, collaboration and innovation to keep the electronic payment system secure in the future.
A recent Visa survey revealed that of 800 US credit and debit cardholders surveyed, 59 per cent said they had decided not to make an online purchase at a particular website because they did not trust that site. A further 49 per cent said they had opted not to shop with a merchant they did not recognise, for fear of having their personal data stolen.
Richey claimed that compliance with PCI DSS continues to be the industry's best tool to guard against theft of cardholder data, and the best protection for businesses against unwanted intrusions. She also added that PCI DSS validation is an annual, minimum requirement for organisations but that true compliance with PCI DSS is an ongoing effort requiring vigilance.
Dave DeWalt, president and CEO of McAfee, said: “Now more than ever, security is mission critical to all organisations. Compliance with mandates such as PCI DSS should not simply be a checklist item; instead organisations should always be vigilant and continuously assess their risks and exposure and implement strong security controls."