Removing Barriers Blog

CUNA CEO Writes Op-Ed on Payment Security
Posted October 05, 2015 by CUNA Advocacy

In response to a recent op-ed by the National Retail Federation The Hill published an op-ed by Jim Nussle,  president/CEO of CUNA, entitled "Retailers obstructing innovation in payment security." This op-ed highlights the inaccuracies in the National Retail Federation's (NRF) arguments surrounding payment security and highlights a number of new tools that the financial industry has invested in to secure customers’ payment information.

The op-ed highlights the migration to EMV or chip cards, which bring more intelligent security to credit and debit card by using a unique one-time code to authenticate card transactions. When in place, this technology makes it nearly impossible for a criminal to make fraudulent purchases in stores with a counterfeit card, thereby eliminating the largest portion of fraud in the United States.  However merchants’ own surveys show that almost 50 percent of merchants are choosing to not adopt the new technology. 

The article concluded by urging merchant trade associations to stop trying to halt progress and instead work with depository institutions to help merchants, banks and networks to implement new and better solutions to protect consumers and reduce data breaches.

Please see the full article here.