Securing Our Future Growth Gord Jamieson Visa North America Risk Services. Visa Public
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1 Securing Our Future Growth Gord Jamieson Visa North America Risk Services Visa Public
2 Copyright and Third Party Mark Notice Copyright Notice Visa All rights reserved. This material may not be distributed or published in whole or in part without Visa Canada s prior written permission. Third-party Mark Notice All third party brand names and logos used in this presentation are the property of their owners and are used for identification purposes only without endorsement. Visa Public
3 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of These statements can be identified by the terms objective, goal, strategy, opportunities, continue, can, will and other similar references to the future. Examples of such forward-looking statements may include, but are not limited to, statements we make about our corporate strategy and product goals, plans and objectives. By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are neither statements of historical fact nor guarantees of future performance and (iii) are subject to risks, uncertainties, assumptions and changes in circumstances that are difficult to predict or quantify. These forward-looking statements are based on our current assumptions, expectations and projections about future events which reflect the best judgment of management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by our comments today. Therefore, actual results could differ materially and adversely from those forward-looking statements because of a variety of factors. You should review and consider the information contained in our filings with the SEC regarding these risks and uncertainties. You should not place undue reliance on such statements. Unless required to do so by law, we do not intend to update or revise any forward-looking statement, because of new information or future developments or otherwise.
4 Risk Landscape Top payment system risk trends Security Fraud New Players and Dynamics Regulatory Attention Frequency of data breaches is increasing, yet visibility into source of fraud is decreasing Large merchant breaches account for the majority of known compromised accounts Fraud levels and accounts are continuing to increase Fraud is concentrating in markets/channels that rely on static authentication data CNP fraud is disproportionately high Proliferation of third party agents and nontraditional players is increasing security risks Traditional competitors are relying on Visa to secure the payment system Governments and regulators are increasingly concerned about fraud and data security
5 Growing Payment Volume The core remains strong Visa Inc. payments volume, YE 2013: $4.4 trillion $ trillions $4.5 $4.0 $3.5 $3.0 $2.5 $2.0 $1.5 $1.0 $0.5 $0.0 Visa Inc. Payments Volume Debit Credit $2.8 trillion credit $1.6 trillion debit Source: Visa Operational Performance. Payments volume represents the aggregate dollar amount of purchases made with cards carrying the Visa, Visa Electron and Interlink brands. excludes cash and is based on results reported quarterly by Visa s financial institution clients on their operating certificates. Visa Public
6 Visa Global Fraud rates have decreased as payment volumes have grown Fraud Losses +140% Fraud Rates GLOBAL bp
7 Canadian Visa Fraud rates have decreased as payment volumes have grown Fraud Losses Fraud Rates CANADA +145% bp
8 USA Visa Fraud rates have remained steady. as payment volumes have grown Fraud Losses Fraud Rates +163% USA bp
9 Visa Global fraud has become a two-sided problem as counterfeit decreases with the migration to EMV Chip, CNP is on the rise GLOBAL 40% 29% 17% 26% 31% 57% Globally fraud has migrated from Counterfeit fraud to CNP fraud Counterfeit CNP (FT6) Lost/Stolen/Other
10 Visa Canada fraud has become a two-sided problem as Canada migrated to Chip & PIN, CNP has grown significantly and in 2013 it represented 70% of Issuer fraud CANADA 8% 25% 22% 38% 37% 70% Fraud has migrated from Counterfeit and Lost&Stolen fraud to CNP fraud Counterfeit CNP (FT6) Lost/Stolen/Other
11 Impact of Chip & PIN Migration in Canada Fraud migrated from the Card Present channel (counterfeit, Lost & Stolen) to the Card Not Present Channel
12 Impact of Chip & PIN Migration in Canada Domestic counterfeit fraud declined; however cross-border counterfeit increased at the same time
13 Visa USA fraud has become a two-sided problem in the USA, Issuers have experienced a growth in both counterfeit and CNP fraud USA 47% 20% 17% 37% 33% 45% Growth in CNP fraud despite the lack of adoption of EMV Chip Counterfeit CNP (FT6) Lost/Stolen/Other
14 CNP Fraud Trends In 2013, CNP fraud growth outpaced sales growth globally and in Canada S/Canada as % of Global CNP Payment Fraud Dollars 17% CNP Sales vs. Fraud Growth, % 15% 16% 10% 10% Other, 46% US, 48% US CA Global Sales Fraud Canada, 6% Source: TC40 client fraud reporting and quarterly Opcerts Sales submission. Contrary to global trends, in the US CNP sales grew more than fraud Source: Visa Fraud Performance Benchmarking Visa Public
15 EMV chip is driving the shift in fraud composition while 3D Secure adoption is not as mature % 88% 4% 33% 0% 0% 5% 9% 2% 1% 1% 3% Global US CANADA
16 Government engagement has increased globally
17 Criminals are launching more sophisticated attacks NOW 2005 FREQUENCY MAGNITUDE Our conference is occurring at a time when, globally, there is a sharply increased focus on the security of personal data and in particular, account information security within the payment cards industry. The recent US data compromise, where 40 million cards were potentially compromised, SOPHISTICATION ORGANIZATION has served to sharpen focus further. Card Systems Services Inc
18 Our work is never done Security Devaluation Fraud Prevention Breach Response
19 Protecting the data is foundational Security Devaluation Fraud Prevention Breach Response
20 To secure our future, we must de-value the data Security Devaluation Fraud Prevention Breach Response ****** ****** CARDHOLDER MERCHANT ACQUIRER / NETWORK
21 can and must be devalued across all channels Security Devaluation Fraud Prevention Breach Response **** 0086 EMV Tokenization Point-to-point encryption Visa Public
22 EMV produces dynamic data, which can t be reused for counterfeit fraud Visa Public Security Devaluation ^ J O H N D O E ^ ^ ^ ^ Fraud Prevention Breach Response Card Number Name Expiry Service Code Card Number Name Expiry Service Code CVV (STATIC) ^ J O H N D O E ^ ^ ^ ^ icvv ^ J O H N D O E ^ ^ ^ ^ Card Number Name Expiry Service Code icvv ^ Cryptogram (DYNAMIC) ^ Cryptogram (DYNAMIC)
23 EMV Migration is moving forward Source: 1. EMVCo, Q4 2013, data combined from Visa, MA, Amex and JCB
24 We must secure the ecommerce channel Tokenization provides an answer Security Devaluation Fraud Prevention Breach Response! + Mobile or e- commerce checkout page Merchant Token Service Token + PAN Issuer
25 Point-to-point encryption secures data in transit Security Devaluation Fraud Prevention Breach Response ** **** CONSUMER MERCHANT POS Encrypted PAN ACQUIRER / NETWORK Decrypted PAN
26 Network intelligence stops fraud at the checkout Security Devaluation Fraud Prevention Breach Response
27 One world, one strategy Sophisticated analytics are now available everywhere THEN NOW Security Devaluation Fraud Prevention Breach Response U.S. OUTSIDE OF U.S. Visa Public
28 Analytics can identify breaches faster education and collaboration are essential 2-5% of accounts incur fraud! Security Devaluation Fraud Prevention Breach Response Source: Visa CAMs and TC40 Fraud Reporting 2013 Visa Public
29 Collaboration is the key to success Reduce and protect vulnerable data in systems today De-value the data wherever possible tomorrow Continually improve fraud prevention, breach response tools, and education to prepare for the next generation of attacks Work across industries, law enforcement and government to build a secure payments future for consumers Visa Public
30 Thank You Gord Jamieson Visa North America Risk Services Visa Public
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