Home / Knowledge / News / Apparel/Garments / NRF urges transition to more secure credit & debit cards
NRF urges transition to more secure credit & debit cards
22
Jan '14
The National Retail Federation sent a letter to congressional leaders outlining the retail industry’s 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, D-Nev. and House Speaker John Boehner, R-Ohio.

The letter reiterated the retail industry’s long-held support for replacing current 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. Current cards use easy-to-hack 1960s technology.

“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,” Shay said.

NRF expressed its support for an immediate transition from magnetic-stripe cards to more-secure and advanced 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 throughout 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.”

NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and Internet retailers from the United States and more than 45 countries. Retail is the nation’s largest private sector employer, supporting one in four U.S. jobs – 42 million working Americans.

National Retail Federation


Must ReadView All

Textiles | On 28th May 2016

US to rethink on inclusion of Indian PET in GSP

With the US set to rethink the inclusion of polyethylene...

Textiles | On 28th May 2016

China’s textile exports marginally down in Jan-April

The exports of textiles and apparel from China dropped marginally...

Textiles | On 28th May 2016

MMF sector seeks anti-dumping duty on Chinese fabrics

Reeling under the impact of cheap Chinese fabrics, Surat’s textile...

Interviews View All

Claudia Kersten
Global Organic Textile Standard

What benefits can MSMEs have from GOTS certification? What is the...

Siddharth Biyani
Mangalam Industries Pvt Ltd

How is the man-made fibre (MMF) industry shaping up? How is Mangalam...

Binoy Ravjani
Hero's Fashion

What are the latest trends in hand block printing?

Johan Berlin
InvestKonsult Sweden AB

<i><b>Investkonsult Sweden AB has been buying and selling second-hand...

Iago Castro Asensio
RCfil Distribuciones S.L.

<b><i>Iago Castro Asensio, International Business Manager of RCfil...

Paolo Ocleppo
Sandvik Hyperion

<b><i>Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
May 2016

F2F Magazine

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search