In the United States, the US-based trade body the National Retail Federation has sent a letter to US congressional leaders saying that retail has commitment to protecting sensitive consumer data in the wake of the recent international cyber attacks and thefts.
“The National Retail Federation and our 12,000 members are committed to combating this criminal threat to our industry and our customers, and we strongly recommend the adoption of meaningful steps to fight cyber theft and credit card fraud,” NRF President and CEO Matthew Shay wrote in the letter sent to Senate Majority Leader Harry Reid, Democrat Nevada senator; and House Speaker John Boehner, Republican from Ohio.
As the letter mentioned, the US has yet to replace as the UK did credit and debit cards with cards that would store data in an embedded computer micro-chip and require the use of a PIN rather than a signature. The US current cards as the federation admits use easy-to-hack 1960s technology.
“For years, banks have continued to issue fraud-prone magnetic stripe cards to US customers, putting sensitive financial information at risk while simultaneously touting the security benefits of next-generation PIN and Chip card technology for customers in Europe and dozens of other markets,” Shay said.
NRF expressed its support for transition from magnetic-stripe cards to more-secure PIN and Chip cards to better protect consumer data from theft, hacking and skimming. PIN and Chip cards are widely used in more than 80 countries in Europe, Asia and Africa.
“The retail industry is eager to work with banks and card companies to fight cyber attacks and reduce fraud,” Shay said. “These efforts include installation of sophisticated new PIN-enabled point-of-sale-systems and readiness to adopt cards with more secure microchip technology, but the fact remains that retailers cannot do this alone.”
