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 industry has actively opposed adopting similar standards.
“Data security should be a shared responsibility by all participants in the payments ecosystem,” said Fabens. “We urge Congress to support H.R. 2205, ‘The Data Security Act of 2015,’ to help ensure that consumers’ personal and financial information is protected.”
More information is available at www.electronicpaymentscoalition.org.
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.