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Statement by Visa Inc.

"Visa payWave is Visa's contactless payment technology. It facilitates fast and convenient transactions at the point of sale and eliminates the requirement for a consumer to make physical contact with the terminal when making a purchase (therefore "contactless"). Consumers simply hold the card or phone in front of the contactless terminal in order to pay.

"Ensuring payment security is one of Visa's highest priorities and Visa payWave enabled payment cards and mobile devices are no exception. Visa payWave cards are as secure as traditional cards and meet all the same standards for security and more.

"Because information travels from card to terminal without any contact, there is a remote risk that data can be intercepted. However, we have built in multiple layers of security for every Visa transaction that helps protect against fraud using stolen information.

"Below are just a few examples of security measures working behind the scenes to prevent fraud:

• Visa payWave cards use advanced cryptographic security where every transaction includes a unique dynamic code, which changes with each transaction.

• Visa payWave cards do not transmit the cardholder's name during a transaction, providing greater privacy than even traditional card payments. Intercepting a Visa payWave transaction results in less sensitive information than when handing a card over to a clerk. Neither the cardholder name nor the three-digit security code on the back of the card are available when the card is read via a contactless reader .

• To protect against fraudulent eCommerce or telephone transactions, merchants use secondary security measures such as asking for the three-digit code imprinted on the back of the card, verifying the billing address associated with account, or an extra layer of password protection such as Verified by Visa. None of this information can be read electronically from the card.

• Some eCommerce merchants also use risk scoring services that are specialized for the online channel, such as those offered by CyberSource, a Visa company. For example, CyberSource can analyze if the cardholder is attempting an online purchase from a computer generally located near the billing address or from a country far away to help detect potential fraud.

• All transactions processed by Visa's global processing network, VisaNet, are analyzed in real-time and scored for its fraud potential. Visa is able to use a comprehensive view of the global payments system to identify fraud patterns and detect suspicious transactions right at the check-out.

"Such advanced capabilities and the multiple layers of security that protect every Visa transaction have helped keep Visa's global fraud rates near historic lows – fewer than 6 pennies for every $100 transacted. In fact, there have been no reports of fraud perpetrated by surreptitiously reading Visa payWave cards.

"Further, Visa payWave cardholders are protected by Visa's zero liability policy, which protects all Visa cardholders from unauthorized purchases. As always, we recommend cardholders check their statements regularly and report any suspicious activity to their issuers."


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