Retail groups rebut financial industry payment card claims

Washington, D.C. - The Retail Industry Leaders Association (RILA) and six other merchant associations have sent a letter rebutting recent comments about payment card security from the Independent Community Bankers of America (ICBA). Specifically, the letter outlines three points.



The three points are: Retailers bear more of the costs of breaches than banks; there is a need for increased sharing of information between law enforcement and the business community, as well as between retailers and financial institutions; and ignoring PIN technology leaves all payment card security stakeholders more vulnerable.



“For the sake of our customers and all American consumers, it is crucial that organizations like ours work together in order to make electronic payments more secure,” states the letter. “By clearing up misinformation and fostering open dialogue, it is our hope to achieve this common and critical goal.”



The letter was addressed to Camden R. Fine, president and CEO of ICBA, and sent by the CEOs of RILA, the National Association of Convenience Stores (NACS), the National Retail Federation (NRF), the National Grocers Association (NGA) and the Food Marketing Institute (FMI), the National Restaurant Association (NRA) and the Merchant Advisory Group (MAG).