The National Retail Federation sent a letter to congressional leaders outlining the retail industry’s commitment to protecting sensitive consumer data following recent 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, D-Nev. and House Speaker John Boehner, R-Ohio.
The letter restated the industry’s support for a transition from current credit and debit cards to cards that would store data in an embedded computer micro-chip and require the use of a PIN rather than a signature. PIN and Chip cards are widely used in more than 80 countries throughout Europe, Asia and Africa.
“For years, banks have continued to issue fraud-prone magnetic stripe cards to U.S. 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,” said Shay.
