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Today the House of Representatives Committee on Energy and Commerce Subcommittee on Commerce, Manufacturing, and Trade held a hearing to discuss the mobile payments landscape. Mobile payment solutions, such as Apple Pay, Samsung Pay and others increase security, competition and consumer choice. For years the payments industry has been a leader in mobile payments and has worked with cross-industry partners to introduce new payments methods and develop security solutions that work across a wide range of platforms.
Today a small number of Attorneys General signed onto a letter regarding chip and PIN. Contrary to the claims of a small group of retailer trade associations, PIN would have done nothing to prevent the breaches at Target, Home Depot, Michael’s and other retailers. This campaign to mandate PIN is an attempt to prevent the adoption of common sense data security standards, which could protect consumers by preventing hackers from stealing data from big box retailers. Securing the payments system requires multi-layered security solutions, including chip cards, tokenization, biometrics and encryption that devalue data and protect consumers from fraud. Instead of investing in this misguided campaign, retailer associations should work with their members to adopt these valuable data security solutions that the payments industry has committed to implementing.
Electronic Payments Coalition Applauds Congressman Luetkemeyer for Supporting Common Sense Security Standards for All
Consumer data protection is a major concern for Americans, particularly given the recent spate of large scale retailer data breaches. As such, it is increasingly important that Congress identify common sense security solutions to protect consumers’ personal and financial information. In an effort to advance this cause, Congressman Luetkemeyer announced his support today for the Data Security Act of 2015. “Consumers deserve to know that their information is safe in the hands of retailers,” said Sam Fabens, spokesperson for the Electronic Payments Coalition. “We applaud Congressman Luetkemeyer for supporting this important piece of legislation and hope that it will encourage others in Congress to follow suit.”
Today, the U.S. House Small Business Committee will hold the second part of a hearing entitled “The EMV Deadline and What it Means for Small Businesses,” which will address payment security in the United States. “Instead of providing Congress with useful information about how to help small businesses protect consumer data, large national retail associations are using this hearing to push for a ‘security’ solution – PIN – that wouldn’t have done anything to stop the breaches at Target, Home Depot or Michaels,” said Sam Fabens, spokesperson for the Electronic Payments Coalition.
ABA Survey: 94 Percent of Consumers Say Retailers Should Improve Security Systems to Protect Financial Information
An overwhelming majority of consumers think retailers should be taking steps to protect consumer data from hackers, according to a new survey released today by the American Bankers Association. Following high-profile data breaches at major retailers including Target and Home Depot, 94 percent of consumers say it is important for retailers to upgrade their security controls, and 70 percent say retailers should be installing EMV chip-enabled card readers as soon as possible. The survey of 1,006 U.S. adults was conducted for ABA by Ipsos Public Affairs, an independent market research firm, Sept. 28-30, 2015.
For Immediate Release October 10, 2015 Today the Federal Bureau of Investigation issued a Public Service Announcement regarding the migration to EMV chip cards in the United States. We commend the Federal Bureau of Investigation (FBI) for their recent Public Service Announcement (PSA) which provides consumers with valuable information about the rollout of EMV Chip Cards in the United States, the ways in which their personal information is being protected and how they can effectively prevent fraud. Consumer education is a critical component of any effort to improve security and this announcement is an important part of the FBI’s ongoing effort to combat fraud and cybersecurity threats. For decades the payments industry has invested in improving the security and safety of the electronic payments system. Most recently, this has taken the form of the rollout of EMV chip cards, which create a unique one-time code to authenticate debit … Continue reading
U.S. House Small Business Committee: Small Business Owners Start Adopting New EMV Payment Card Technology
Today, the U.S. House Small Business Committee will hold a hearing entitled “The EMV Deadline and What it Means for Small Businesses,” which will discuss the adoption of EMV technology by U.S. small business owners. EMV microchips use a unique one-time code to authenticate debit and credit card transactions, making it nearly impossible for encrypted data to be used to conduct counterfeit fraud. “With nearly 60 percent of U.S. consumers claiming to have at least one chip-enabled card in their wallet, the United States is already the largest chip card market in the world. Chip-enabled devices are already in use at more than 300,000 merchant locations, representing a 547 percent year-over-year increase. In fact, small businesses accounted for about half of chip payment volume last month. “Last week, the Payment Security Task Force’s eight financial institutions said in a statement that 30 percent of their customers’ credit and debit cards … Continue reading
October 1, 2015 marks the fourth anniversary of the Durbin amendment’s implementation, but consumers aren’t celebrating. Once again, a new survey shows at least 92 percent of shoppers in each of the 15 categories measured reported that prices have increased or remained the same over the past year. This survey provides additional evidence that despite retailer promises that they would lower prices after realizing savings from the amendment – savings that now total over $32 billion – consumers generally have not seen savings.
The Financial Services Roundtable (FSR) applauds the Senate for successfully reaching unanimous consent on the Cybersecurity Information Sharing Act (CISA), lining the bill up for a floor vote when Congress returns from August recess.
The undersigned financial services trade associations are writing in support of passage of S. 754, the Cybersecurity Information Sharing Act (CISA). In March, this bill was approved on a near- unanimous and bipartisan basis by the Select Committee on Intelligence. We urge you and your colleagues to bring up and pass this important legislation as it will increase the nation’s ability to defend against cyber-attacks by encouraging businesses and the government to share cyber-threat information more quickly and efficiently between the two sectors.