Blogs

Congress Considers Mandated Use of Chips & PINs to Fix Data Breaches

03.06.14

Since the current US payment and financial system makes “things easy for fraudsters” Congress is considering a requirement that the US financi al industry “adopt new card security measures used in other countries” as reported by Computerworld. On March 5, 2013 members of the US House Financial Services Committee called for new cybersecurity mandate including Georgia Representative David Scott who asked:

Is there any reason Congress shouldn’t mandate that payment card security standards use the most effective technology in the marketplace?

On the other side of this debate there are current plans by Visa, MasterCard and others “to move to chip-based cards by late 2015” but as Computerworld pointed out:

…moving to a chip-and-PIN card system will be expensive, requiring new card-reading machines at all retailers.

Edmund Mierzwinski testified before the House Committee on behalf of US PIRG (Public Interest Research Group) and posted a blog endorsing the idea that Congress not endorse specific technologies such as:

“Chip and PIN” and “Chip and signature” are variants of the EMV technology standard commonly in use in Europe.

In case you don’t know what EMV means Wikipedia describes EMV as:

EMV stands for Europay, MasterCard and Visa, a global standard for inter-operation of integrated circuit cards (IC cards or “chip cards”) and IC card capable point of sale (POS) terminals and automated teller machines (ATMs), for authenticating credit and debit card transactions.

What happens next is hard to say, but clearly the US payment and financial system be changed swiftly in the wake of the Target disaster.

The publications contained in this site do not constitute legal advice. Legal advice can only be given with knowledge of the client's specific facts. By putting these publications on our website we do not intend to create a lawyer-client relationship with the user. Materials may not reflect the most current legal developments, verdicts or settlements. This information should in no way be taken as an indication of future results.

Search Tips:

You may use the wildcard symbol (*) as a root expander.  A search for "anti*" will find not only "anti", but also "anti-trust", "antique", etc.

Entering two terms together in a search field will behave as though an "OR" is being used.  For example, entering "Antique Motorcars" as a Client Name search will find results with either word in the Client Name.

Operators

AND and OR may be used in a search.  Note: they must be capitalized, e.g., "Project AND Finance." 

The + and - sign operators may be used.  The + sign indicates that the term immediately following is required, while the - sign indicates to omit results that contain that term. E.g., "+real -estate" says results must have "real" but not "estate".

To perform an exact phrase search, surround your search phrase with quotation marks.  For example, "Project Finance".

Searches are not case sensitive.

back to top