Viewing results for:
EPC’s latest resource explains how EMV chip cards can help defend against hackers.
Voters are twice as likely to say that retailers, not financial institutions, are responsible for protecting customers’ data.
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 … Continue reading
Unfortunately, not everyone in the payment ecosystem is prepared for the growing threat of cyber-criminals. With the holidays fast approaching, we need to be mindful of any grinches that may be lurking. One only needs to look at the recent large-scale retailer breaches which compromised millions of consumers’ sensitive information for proof that the criminals are on the prowl and the cyber defense status quo isn’t good enough. While there has been a rise in the number and sophistication of data breaches, no federal standard for protecting consumer data at retailers and other non-financial firms currently exists.
The use of distractions in politics has skyrocketed in the past few years as candidates and others have realized how effective it can be to get the media talking about something else – anything else – when it’s you that’s under the glare of scrutiny. The strategy is often called “look, a squirrel!”, an allusion to the Pixar film Up in which dogs’ conversations are instantly paralyzed when any canine participant observes (or thinks he may have observed) a squirrel.
Last week U.S. House Small Business Committee held the second part of a hearing entitled “The EMV Deadline and What it Means for Small Businesses,” which was supposed to 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 used the hearing to push for a “security” solution – PIN – that wouldn’t have done anything to stop the breaches at Target, Home Depot or Michaels and won’t have a meaningful impact on overall payments fraud. Lost in this charade was the fact that the migration to EMV chip cards and the activation of chip readers by merchants is a critical step in further improving consumer protection. We’ve already seen tremendous progress; 60% of cards are expected to be chip-enabled by the end of the year, and half of all chip payment volume … Continue reading
Will ATM machines soon be able to identify you by your eyes? Citigroup Inc. is testing new technology with automated-teller-machine maker DieboldInc. that would allow customers to withdraw money with an eyeball scan or a code on a smartphone instead of a card swipe. The new technology, set to be announced by Diebold on Monday, is the latest foray by big banks to find easier, more secure ways for consumers to access their cash than the ATM card, a staple in consumers’ wallets for decades.
Congress is an intentionally deliberative body. It was structured by our founders to ensure collective participation in shaping government policy, and sometimes that allows certain factions to disrupt the legislative process purely for their own self-interest. Such is the case with the retail industry sidelining the debate over data security by resuscitating tired and largely settled complaints over the transition to EMV chip technology. As ICBA recently testified before the House Small Business Committee, community banks are in a good position to help small businesses make the switch to EMV technology. The transition itself has been underway since 2011. And the Oct. 1 liability shift has come and gone with banks and merchants diligently moving toward implementing EMV. But rather than entering into a substantive dialogue about the limitations of chip technology and collaborating on further improving consumer security in an era of data breaches and cyber-threats, retail industry lobbyists … Continue reading
Retailers who thought the roar surrounding EMV would reach a lull after Oct. 1 are in for a bit of a rude awakening. After all, there’s still work to be done. In the second day of hearings for the U.S. House Small Business Committee on Oct. 21, experts from the Electronic Payments Coalition traded opinions with legislators on how best to approach the issue of payment security. In a statement to the committee, Sam Fabens, spokesperson for the EPC, claimed that large retailers aren’t doing all they could be doing to help their smaller counterparts.
Right now, federal policymakers are debating how best to protect consumer data from hackers, a discussion that is long overdue. The House Small Business Committee will convene their second hearing today on the major security upgrade that the financial services industry is bringing to payment cards. Our industry is proud of this upgrade, but more needs to be done, especially by other industries that customers entrust with their personal data. The bottom line: retailers need to focus on protecting their customers’ data before it gets breached.