Home / Knowledge / News / Apparel/Garments / NRF urges complete approach against criminal cyber attacks
NRF urges complete approach against criminal cyber attacks
04
Feb '14
The National Retail Federation urged Congress to take a comprehensive approach as it contemplates a national response to criminal cyber attacks in which millions of consumers’ credit and debit card numbers were stolen. NRF said retailers are willing to do their part to improve security, but that banks and card companies must also take major steps to shore up the current fraud-prone payments system.
 
“When a criminal breach occurs in the payments system, all of the businesses that participate in that system and their shared customers are victimized,” NRF Senior Vice President and General Counsel Mallory Duncan said. “Rather than resort to blame and shame, the parties should work together to ensure that the data breach is remedied and steps are taken to prevent and mitigate future breaches.”
 
“Retailers take the increasing incidence of payment card fraud very seriously,” Duncan said. “We have every reason to want to see fraud reduced, but we have only a portion of the ability to make that happen. We did not design the [payments] system, we do not configure the cards and we do not issue the cards. We will work to effectively upgrade the system, but we cannot do it alone.”
 
Duncan is scheduled to testify this afternoon before a hearing on data security being held by a subcommittee of the Senate Banking, Housing and Urban Affairs Committee. In testimony prepared for delivery at the hearing, Duncan said the United States is under constant criminal attack from sophisticated cybercriminals – largely located overseas – who target financial institutions, manufacturers, public utilities, and other businesses, not just retailers.
 
“This is a continuous battle against determined fraudsters,” he said. “Every party in the payment system, financial institutions, networks, processors, retailers and consumers, has a role to play in reducing fraud.”
 
In the short term, Duncan said the banking industry needs to replace current cards that store consumer data on 1960s-era magnetic strips, and have users sign their name with modern cards that encrypt data on an embedded microchip and require use of a secret Personal Identification Number, or PIN.
 
Instead, banks and card companies have pushed so-called EMV – Europay, MasterCard and Visa – proprietary cards that use a chip but remain open to fraud by allowing the use of a signature. Duncan said replacement of easily forged signatures with a PIN and Chip card is essential to security.


Interviews View All

Software Firms, Head honchos

Software Firms
Head honchos

AI / robotics may challenge existing long value chains

Siddharth Biyani, Mangalam Industries Pvt Ltd

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Dinaz Madhukar, DLF Emporio and DLF Promenade

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Alexander Foll,

Alexander Foll

Germany-based H Stoll AG & Co KG manufactures flat knitting machines....

Ken Butts,

Ken Butts

The mission of Swiss company Datacolor is to empower its customers to make ...

Aaron Spivak,

Aaron Spivak

Canada-based Hush Blankets was founded by Lior Ohayon and Aaron Spivak to...

Ashok Desai, Bombay Textile Research Association

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Robert Brookins, Alexium International

Robert Brookins
Alexium International

Alexium International is a specialty chemical development company...

Ayyappa Nagubandi, Broadcast Wearables Pvt Ltd

Ayyappa Nagubandi
Broadcast Wearables Pvt Ltd

Hyderabad-based Broadcast Wearables has come up with the country's first...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Tony Ward, Tony Ward

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Divvya and Nidhhi Gambhir, Walnut

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

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

Leave your Comments


November 2019

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

Follow us on instagram

Follow

Follow Fibre2Fashion On


Advanced Search