Christian Retailing

NEWSLETTERS Current Issue Retail group urges adoption of PIN-based credit cards
Retail group urges adoption of PIN-based credit cards PDF Print E-mail
Written by Christine D. Johnson   
Monday, 31 March 2014 09:46 AM EDT

MalloryDuncan-webThe National Retail Federation (NRF) has urged the U.S. Senate to overhaul the nation’s fraud-prone credit and debit card system, saying banks’ insistence on cards that use a signature instead of a Personal Identification Number (PIN) puts merchants and their customers at risk.

Card companies have continued to promulgate the use of fraud-prone signature cards despite their own research—conducted almost 25 years ago—that showed that PIN-based cards provided more security for consumers, retailers and banks.

“Everything a fraudster needs is right there on the card,” NRF Senior Vice President and General Counsel Mallory Duncan said, describing how the cardholder’s name and account number are clearly printed on each card along with the expiration date and security code. “The bottom line is that cards are poorly designed and fraud-prone products that the system has allowed to continue to proliferate.”

Duncan’s comments came in a statement submitted to the Senate Committee on Commerce, Science and Transportation, which held a hearing last week on criminal cyber attacks in which consumer card numbers have been stolen. He said current magnetic stripe cards with signatures are too easy to duplicate and forge.

With or without an embedded microchip, a PIN-based card would provide greater security for consumers and retailers alike, Duncan said.

“Protecting all cards with a PIN instead of a signature is the single most important fraud protection step that could be taken quickly,” Duncan said. “It’s proven, it’s effective, and it’s relatively easily implementable. PIN debit cards are close to ubiquitous worldwide, and readily producible in the U.S. Chip is a desirable add-on. If speed of implementation is of importance, then substituting PIN for signature is preferable to implementing chip.”

Along with switching to PIN-based cards, NRF supports additional steps aimed at preventing fraud and data breaches, including end-to-end encryption of data, tokenization rather than storing data, and mobile payments.

 

In this current issue:

Rick Warren wins Christian Book of the Year for third time

News image

The Evangelical Christian Publishers Association (ECPA) announced Tuesday night the...

READ MORE

Best-selling parenting authors announce Mother's and Father's Day promo

News image

Authors Marina and Gregory Slayton appeared on Fox & Friends...

READ MORE

Christian Retailing’s Best awards winners to be announced at ICRS

News image

Winners of the 2015 Christian Retailing’s Best awards will be...

READ MORE

The Solid Rock hosts unique Bible-reading event

News image

The Solid Rock bookstore in Kearney, Nebraska, is hosting a...

READ MORE

Standard adds ESV to best-selling commentary line

News image

Standard Publishing announced the release of its newest line of its...

READ MORE

New program targets enhanced Christian retailer consumer traffic

News image

A new program has been launched to help Christian retailers...

READ MORE

Religion publishers report slight sales increase for January

News image

Net revenues from religion publishers were up 11.1 percent for...

READ MORE

AWSA announces 2015 Golden Scroll Award finalists

News image

The Advanced Writers and Speakers Association has announced its finalists...

READ MORE

Baker Academic title receivea Academy of Parish Clergy award

News image

The Church According to Paul by James W. Thompson (Baker...

READ MORE

NRF survey: Families spending more than ever on Mom

News image

Families this year are ready to splurge on jewelry, flowers,...

READ MORE

Brooklyn Tabernacle’s ‘Pray’ rises to Billboard no. 1

News image

The six-time Grammy award-winning Brooklyn Tabernacle Choir’s new CD titled...

READ MORE

Harvest House Publishers’ title reaches Christy Awards finals

News image

The Amish Blacksmith (Harvest House Publishers), a novel by best-selling...

READ MORE
100%
-
+
0
Show options

a