New Protection for Online Shopping

" Americans fell victim to identity theft and has cost US corporations more than sixty billion dollars. Over the last five years now -- security standards in the electronic commerce and payment card industry become a major economic concern. The racers on to come up with the fifth or payment service and Fox Business explicit -- Right now by Michael. Also the chairman and CEO for stayed at the company's unveiling a new -- shore service today much needed. It just seemed like a great to be back that's happening it's it's sad it's it couldn't come at a better time particularly want people seeing that he's in the Fed Chairman. If the victim of identity theft tell me a little bit about the the new standard for his service."

" So what we're announcing today is in fact they've branded service and interestingly enough it is the and product of the joint development between first data and we are the largest credit card processor. A fun fact as we clear almost one point five trillion dollars a year are almost 50% of the US credit card business. We jointly developed with our assay which is the security division of EMC's so beloved leader in payments -- leader in security we got together to try to rethink. How you solve this problem. What's dramatically different about what we're announcing today is. Normally let the system -- see you swipe your credit card it is processed by the merchant the data sits. At the merchant it is -- up for authorization the authorization said yep that's good and a credit card data sits there. We are dramatically reducing the risk. By taking the data often merchant so what happens now on this new service which combines two technologies. Called encryption and socialization. The credit card Goss is -- the data goes up to our server and authorizes it instead of saying the credit card data back it replaces the number with a random number. -- no longer sits at the merchant so why this is a breakthrough is -- not just trying to protect the -- at the merchant and a different way we are removing it from the merchant. That token as it's called a random number that has the match up -- our server. The thief would have to have both virtually impossible to do so fundamentally reshaping it by taking the date off for the merchant so it's simply not there to be still."

" Why how fascinating. A real -- change for the industry and he. Walk me through not only what does this mean for consumer financial protection but what does this mean. -- old data and not just credit card -- but the storage of bedecked with your financial institution with your health care records things of that nature."

" So I do think what's happening is. The way you think about how the thing about data which we think evidence three states we have it was called in flight when it's over network all right so we know how to protected or network. We have a one -- called at rest which is stored in various places and we have a what's -- which is the fraction of time that you actually have access the data. So as we think of these three things in this is again our our our great partners are essay -- and a a lot of great work about how to do all three things in combined the data. We're spending a lot of time focusing on. How to take the data in storage and put it in the cloud and very secure way so the data simply isn't. As a resident physically as it used to be. And the breakthrough is not figuring out all all kinds of smart -- how to be smarter -- protecting it at rest but physically moving it to more secure sites. So does it is less accessible and and putting hidden in large large data center."

" Where of course they're much more highly secure. Fascinating it's one of the biggest things are they talking about the the cloud but cloud computing welled up Michael -- he's going to stick around."