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On-Site Coverage: Durbin Interchange Amendment Muddles Fraud Picture, Visa Panelists Say

WASHINGTON — Visa Global Security Summit panelists differed Wednesday over the effect of interchange changes but agreed it would complicate matters.

By David Morrison | Updated on April 27, 2011

WASHINGTON — A panel of security experts told executives attending Visa’s Global Security Summit Wednesday that the interchange cap mandated by the Durbin Amendment will likely leave card security efforts more muddled than before.

The panelist were almost unified on the notion that the Federal Reserve choosing and dictating card data protection technology would be a bad idea. One panelist, Aaron McPherson of IDC Financial Insights, expressed a hope that the Fed might simply dictate the use of smart card such as chip and pin.

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