New York -- The National Retail Federation is calling for the use of chip-and-PIN technology in credit and debit cards. Experts say the technology, standard around the world, is more secure than the magnetic stripe cards that are still widely used throughout the United States.The technology has not been widely adopted in the United States, partly due to its higher cost
"PIN-and-chip cards are widely used across the globe, and it’s time for the bankcard industry in the United States to adopt that technology to better protect our consumers,” stated senior VP for government relations David French. “We must transition away from 1960s technology and adopt a 21st century system that will help reduce and prevent fraud and protect customers from the threat posed by sophisticated cybercriminals, hackers and data thieves.’
In addition to calling for the adoption chip and pin technology, the NRF board agreed at its meeting on January 12 that the country needs a federal cyber law that would allow for immediate sharing of information about the latest threats, and would outline a comprehensive plan for the thorough investigation and prosecution of data crimes.
THe NRF board also called for a single federal breach notification law to replace the patchwork of 47 different state laws which would allow retailers to focus on a single law and simplify consumers understanding of their rights.
“In the days ahead, the NRF will be working with retailers large and small, policy makers, trade associations, consumer protection advocates, law enforcement and other stakeholders to coordinate and advance a campaign that will ultimately result in consumer data protection,” said Mallory Duncan, senior VP and general counsel, NRF.