April 27, 2011
New debit interchange limits could impede card protection measures, according to the majority of the security panel participants at Visa’s Global Security Summit.
“The panelist were almost unified on the notion that the Federal Reserve choosing and dictating card data protection technology would be a bad idea,” reports the Credit Union Times. “Gray Taylor, executive director of the National Alliance of Convenience Store Security Standards Board, predicted the Durbin amendment would or should lead to the consumer being drafted into the battle against fraud.”
Taylor also lamented that too many issuers, in his view, are still encouraging consumers to use signature debit cards that are more susceptible to fraud than other types of debit cards.
Nessa Feddis, senior counsel with the American Bankers Association, countered that Visa provided signature transactions to satisfy those merchants who did not want to switch their current payment infrastructure to handle personal identification numbers.
Click here to read more reaction from the security panel at Visa’s Global Security Summit.
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