After more than two months of finger pointing, the banking and retail industries have taken first steps to come together to heal some of the wounds left by the Target data breach that affected the personal and financial information of more than 70 million Americans.
On February 13, 2014 participants such as the Financial Services Round Table and the Retail Industry Leaders Association formed a partnership to share information and look at technologies to protect consumers. Read more here
On another note, payment industry players as well as retailers gathered together to express commitment to EMV in the United States at the Smart Card Alliance and Payments Summit. Debit and credit card brands such as Visa, MasterCard, Discover, and American Express also offered their own unique solutions for the implementation of EMV in the US.
Stephanie Ericksen of Visa said they will hold fast to fraud liability shift dates starting in October 2015, but see implementation utilizing only PINs for debit and credit cards as “too complex” for the initial push for EMV in the United States.
Other industry professionals had differing opinions regarding chip with signature. Walmart’s Joh Drechny took a strong stand for the “elimination of signature as a cardholder verification method” stating it is not the most secure form of EMV. Troy Bernard, speaking on behalf of Discover, concurred that only PIN “takes fraud out of the system”. He said Discover will incent the use of PIN and reward PIN to further the growth of chip and pin EMV implementation in the US.
Read more from the Smart Card Alliance Payments Summit here
Shoreline Business Solutions is a leader in card production, personalization and fulfillment services. For more than 25 years, Shoreline has been offering community banks and credit unions the most effective and innovative solutions for their payment card programs.
To learn more, 800.290.3705 shoreline-solutions.com