With retailers in Washington, D.C., this week to lobby on Capitol Hill, ABA yesterday distributed a memo on payment and data security to congressional offices. The document emphasizes that the EMV transition is benefiting consumers and that the financial industry continues to deploy new technologies to protect customers’ payments. ABA urged lawmakers to pass the Data Security Act of 2015 to hold all parties to high data protection standards.
ABA also argued against the retailers’ pet plan to require PINs on chip cards, which the association noted guards against a small and rapidly shrinking form of fraud. “As new threats emerge, retailers’ efforts to divert policymakers’ attention to PINs means that we run the risk of not devoting requisite energy and resources to developing the cutting-edge technologies needed to thwart increasingly sophisticated hackers,” ABA said.
Read the memo.