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Once Again, Voters Call on Retailers to Pull Their Weight When It Comes to Payments

Electronic Payments Coalition | June 18, 2018

WASHINGTON (June 18, 2018)—Financial institutions continue to dedicate resources towards developing and implementing innovations to make payments more convenient and secure, just as voters expect them to do. However, a majority believe both retailers and large financial institutions should invest in innovation, according to new Morning Consult survey data.

“Time and time again, retailers have shown they are more interested in cutting their own costs instead of making the necessary upgrades to make checking out more efficient and protect customers from fraud,” said Jeff Tassey, chairman of the board of the Electronic Payments Coalition (EPC). “While financial institutions remain committed to innovation in order to strengthen consumer choice, retailers must step up and catch up to the times.”

With a majority of consumers trusting innovative payments authentication methods, such as biometrics and encryption, retailers must fulfill their role in the payments ecosystem by adopting and supporting new technologies. In fact, more than one in three voters say fingerprint identification is more secure, beating out “traditional” methods such as PIN.

EMV chip still plays an important role in reducing fraud and a plurality of voters believe stores should only accept electronic payments if they’re equipped with EMV. While the number of merchants accepting EMV continues to grow—in March, it was estimated that 63 percent of merchants were EMV-enabled—it remains vital that retailers upgrade so all card payments are chip-on-chip.

“Financial institutions will continue to invest in resources that make electronic payments safer, easier, and more beneficial for retailers and consumers, but all players in the payments ecosystem—including retailers— must pull their weight,” said Tassey. “As breaches increase and fraudsters switch their methods, collaboration remains critical in order to protect consumers from fraud. Coming off one of the most breach-filled years in 2017, we cannot afford to waste any more time.”

To view EPC’s infographic on the polling, click here.

Morning Consult, on behalf of the Electronic Payments Coalition, conducted an online survey of 2,201 registered voters from May 18-22, 2018. Results from the full survey have a margin of error of +/- 2 percent.

Press Releases/Statements Data Security, Payment Technology
EPC Statement on Secure Payments Partnership

Electronic Payments Coalition | June 7, 2018

The below statement can be attributed to Jeff Tassey, Chairman of the Board of EPC, on the creation of the Secure Payments Partnership:

“Here retailers go again, lobbying Washington for further regulation in the interest of cutting their own costs instead of protecting their customers from fraud. Despite claims, all players in the payments ecosystem—including retailers—have the opportunity to provide feedback and participate in the process. We must all be committed to providing consumers with security and innovation without impeding consumer choice.”

Press Releases/Statements Data Security
Financial institutions maintain electronics payments competitiveness, survey finds

Financial Regulation News | April 26, 2018

Survey results have determined voters still prefer bank institutions over retailers with regard to developing payment technologies and protective initiatives.

The effort executed by Morning Consult showed four in five voters agree stores should update their technologies to ensure customers have a range of payment options at the register and retailers should share in the infrastructure fees that make electronic payments possible.

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General EPC Mention
Financial Institutions Still Trusted to Innovate and Protect Payments, but Retailers Must Do More

Electronic Payments Coalition | April 23, 2018

Voters still trust financial institutions over retailers to develop new payment technologies and safeguard personal information during the checkout process, according to new Morning Consult survey data.

In fact, a strong majority of voters expect retailers to step up when it comes to payments. Four in five voters agree that stores should update their technologies to ensure customers have a range of payment options at the register and that retailers should share in the infrastructure fees that make electronic payments possible.

“Financial institutions continue to develop new technologies to make electronic payments quicker, safer, and more convenient—all of which make retailers’ and consumers’ lives better,” said Jeff Tassey, chairman of the board of the Electronic Payments Coalition (EPC). “However, the onus is on retailers to step up and protect their customers at the checkout. As the recent data breach at Lord & Taylor showed, retailers must be proactive and do their fair share by updating their technology and safeguarding sensitive payment card information.”

Since November 2017, retailers have seen a 15 percent drop in voter trust when it comes to payment technology innovation. Meanwhile, at least 70 percent of voters trust banks, credit unions, credit card companies, and other financial institutions to innovate payment technology, with 1 in 2 trusting these entities the most.

These institutions also rank higher than big-box retailers and smaller businesses, both in store and online, when it comes to trust in protecting payment card information. That’s no surprise, as retailers are not subject to federal data security standards and have seen several breaches in recent weeks, including those at Best Buy, Kmart, Panera Bread, and Lord & Taylor.

“As the number of retail breaches continues to rise, more and more consumers have had financial data compromised and their lives upended,” said Tassey. “To combat this, financial institutions go beyond their federal requirements to protect consumers. This is likely why voters trust them to lead the way on all types of innovation. Retailers, a major part of the payments ecosystem, must join this fight against fraud and begin prioritizing the development and implementation of new technologies to better protect consumers.”

To view EPC’s infographic on the polling, click here.

Morning Consult, on behalf of the Electronic Payments Coalition, conducted an online survey of 1,994 registered voters from April 4-6, 2018. Results from the full survey have a margin of error of +/- 2 percent.

Press Releases/Statements Credit Card Fraud, Data Security, EMV, Payment Technology
Op-Ed: National data security standards are better than PIN

The Hill | March 2, 2018

The National Retail Federation (NRF) has launched an ad campaign to advocate for “uniform national” data breach standards for “all affected industries.”

Welcome to the cause. The financial services industry already is subject to uniform standards and continually has fought for national rules to cover all affected industries.

Retailers opposed these efforts. Instead groups like the Retail Industry Leaders Association push lawmakers and regulators to instead adopt a government mandate that would cost billions to implement and do little to protect consumers.

Barclays of London introduced Personal Identification Numbers (PINs) in 1967, the year the Beatles and Monkees battled for the top of the charts. That music is timeless. PIN is not. Because PINs are a static data element, they don’t protect against counterfeit or card not present (CNP) fraud, which together account for about 85 percent of total U.S. card fraud.

According to the Aite Group, it would cost retailers $4 billion to fully implement PIN. That expense would be worthy if it adequately protected consumers, but it wouldn’t. In fact, an Aite analyst concluded mandating PIN would be “difficult to justify.”

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Op-Ed Consumer Harm, Credit Card Fraud, Data Security, EMV, Payment Technology
New Video: Electronic Payments 101

Electronic Payments Coalition | March 1, 2018

General Credit Card Fraud, Data Security, EMV, Interchange Fees, Payment Technology
Eric O’Neill: Security Must Evolve to Keep Consumers Safe From Credit Card Fraud

Prairie State Wire | February 8, 2018

Cash is no longer king in today’s commercial world. Credit and debit card payments have exploded in the last decade as the preferred method of payment for transactions worldwide. And with this drastic shift, banks and retailers must ensure consumer data is protected at all stages of transactions.

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What Others Are Saying Consumer Harm, Data Security
CEI: No More Free Checking for the Poor

Competitive Enterprise Institute | January 29, 2018

The Durbin Amendment strikes again. Today brings further evidence that the little-known amendment to the Dodd-Frank Act of 2010 by Sen. Richard Durbin (D-IL), which imposed price controls on debit card fees, has stripped access to financial services for the less affluent.

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What Others Are Saying Durbin Amendment
EPC Congratulates Executive Director Molly Wilkinson on New Role

Electronic Payments Coalition | January 19, 2018

The Electronic Payments Coalition (EPC) announced today that Molly Wilkinson has resigned as Executive Director and accepted the position of Vice President of Regulatory Affairs for American Airlines.

Ms. Wilkinson joined EPC in June 2015 after serving as Senior Vice President of Regulatory Policy at Regions Financial Corporation and Executive Director of the Card Policy Council at American Bankers Association. She had a 22-year career in government service beginning at the New York State Legislature as a Research Assistant and concluding as the General Counsel for U.S. Senate Homeland Security & Governmental Affairs Committee for Ranking Member Senator Susan M. Collins.

During Ms. Wilkinson’s tenure, EPC led the fight for repeal of the Durbin amendment, which successfully passed out of the House Financial Services Committee (HFSC) in back-to-back Congresses as part of the CHOICE Act. Throughout this time, EPC rolled out a full-force campaign to highlight the policy’s failures to policymakers, consumers, and small businesses.

Representative Blaine Luetkemeyer, who championed the repeal of the Durbin amendment during the 115th Congress said, “Community banks and financial institutions continue to be hurt by the Durbin amendment’s price controls, but it’s not just banks that are hurt. It’s also low-income consumers who face increasing account fees and fewer rewards. I thank Molly for her leadership and EPC for all their hard work in the fight for repeal. I remain committed to repealing this harmful law.”

“Molly is an exceptional leader that knows how to get things done,” said Representative Ted Budd. “Her leadership brought the Electronic Payments Coalition tremendous success, and I know that she’s going to achieve the same level of excellence at American Airlines.”

“We’re excited for Molly and want to thank her for all she’s done over the past couple of years to advance the payments industry,” said Aaron Stetter of the Independent Community Bankers of America (ICBA) and immediate past EPC Board Chairman. “Under her leadership, we’ve had tremendous success demonstrating to Congress the Durbin amendment’s failures for consumers.”

“It’s been an honor to work on behalf of community banks, credit unions, and financial institutions to bring attention to a policy that has failed consumers for far too long,” said Wilkinson. “We’ve made great progress and EPC will continue to work to end this crony handout to retailers.”

To learn more about EPC, click here.

Press Releases/Statements
Op-Ed: New Report Shows Benefits Of Payments Innovation

Morning Consult | December 5, 2017

We have officially entered retailers’ favorite time of year: holiday shopping season. The next month should be joyful — but it might not be for consumers. Imagine unwrapping a notice that says your payment card was compromised at one of the dozens of merchants you visited on Black Friday or Cyber Monday.

It’s becoming a more frequent occurrence, and even though banks and credit unions typically make consumers financially whole for fraudulent transactions that result from a retailer breach, individuals are still deeply affected, spending hundreds of dollars to keep fraudsters from wreaking havoc on their credit history months, or even years, later.

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Op-Ed Credit Card Fraud, Data Security, EMV

Resources

Viewing results for:

Once Again, Voters Call on Retailers to Pull Their Weight When It Comes to Payments

EPC Statement on Secure Payments Partnership

Financial institutions maintain electronics payments competitiveness, survey finds

Financial Institutions Still Trusted to Innovate and Protect Payments, but Retailers Must Do More

Op-Ed: National data security standards are better than PIN

New Video: Electronic Payments 101

Eric O’Neill: Security Must Evolve to Keep Consumers Safe From Credit Card Fraud

CEI: No More Free Checking for the Poor

EPC Congratulates Executive Director Molly Wilkinson on New Role

Op-Ed: New Report Shows Benefits Of Payments Innovation

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