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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. More information is available at www.electronicpaymentscoalition.org. ### About the Electronic Payments Coalition The Electronic Payments Coalition (EPC) includes credit unions, banks, and payment … Continue reading
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 PIN is a static data element that would not have a meaningful impact on overall payments fraud and retailers are simply using it to distract from the fact that they don’t have to abide by any security standards, which leaves consumers’ personal and financial information vulnerable. “The payments industry adopted common sense data security standards over a decade … Continue reading
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.” Financial institutions of all sizes are already required by the Gramm-Leach-Bliley Act (GLBA) to develop and maintain robust internal protections to combat and address network intrusions and data theft. Despite millions of consumers having their data exposed in retailer data breaches, the retail … Continue reading
By October 2015, many U.S. banks will have replaced hundreds of millions of traditional credit and debit cards, which rely on data stored on magnetic strips, with new payment cards containing a microchip known as an EMV chip. While EMV cards offer enhanced security, the FBI is warning law enforcement, merchants, and the general public that no one technology eliminates fraud and cybercriminals will continue to look for opportunities to steal payment information. TECHNICAL DETAILS What is an EMV credit card? EMV Chip The small gold chip found in many credit cards is most often referred to as an EMV chip. Cards containing this chip are known as EMV cards, as well as “chip-and-signature,” “chip-and-pin,” or “smart” cards. The name “EMV” refers to the three originators of chip-enabled cards: Europay, MasterCard, and Visa. EMV chips are now the global standard for credit card security. With traditional credit cards, the magnetic … 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
Chip cards are payment cards that have an embedded chip. Chip cards offer you advanced security when you use the chip to pay in store or at an ATM.
This EMV Migration Forum infographic was designed to answer the key questions surrounding the U.S. migration to EMV chip cards for payment. From this infographic, readers will learn what the migration is and when it will happen; the security features of chip cards; what will change for the consumer; and how the payment process works with chip cards.
EMV migration is not just about security but also about migration to a global standard that not only offers better security, but is the baseline for new payment products and solution’s like mobile payments.