The recent deluge of data breaches at major retailers around the country has caused millions of consumers’ personal and financial information to be exposed. Thankfully, the House Financial Services Committee today advanced an important piece of legislation that will better protect consumer data by ensuring that retailers are held to common sense data security standards that were adopted by the payments industry years ago.
The Data Security Act of 2015 (H.R. 2205) will ensure that retailers adopt scalable, flexible common sense data security standards that protect consumers’ personal and financial information when in the hands of retailers, which is exactly what consumers want. Just this morning, a Morning Consult poll found that 92 percent of voters agree that stores and retailers should adopt the latest technology and best practices to keep Americans secure.
The payments industry is constantly working to improve data security through technologies like EMV, tokenization and biometrics and has upheld strong data security standards for consumers for over a decade. Unfortunately, the system is only as strong as its weakest link and retailers have yet to adopt these same common sense standards.
This legislation is an important step forward and we thank Reps. Neugebauer, Carney and all of the bill’s cosponsors for their strong leadership on this consumer protection issue. We urge Congress to pass H.R. 2205 and put in place these policies that can protect consumers and their personal information.
About the Electronic Payments Coalition
The Electronic Payments Coalition (EPC) includes credit unions, banks, and payment card networks that move electronic payments quickly and securely between millions of merchants and millions of consumers across the globe. EPC’s goal is to protect the value, innovation, convenience and competition in today’s growing electronic payments system. EPC educates policymakers, consumers and the media on the system’s role in economic growth, and the importance of protecting consumer choice and stability for the continued growth of global commerce.