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.
Durbin’s Next Target: eCommerce Regulation
Will Tester’s Bill to Delay Debit Swipe Fee Reform Pass? Experts Offer Predictions
Financial Sector’s Lobbying Fees for Q1 2011 Second-Highest Eve
TCF Seeks Speedy Decision in Durbin Appeal
Video: Tester- “Measure twice, cut once” – Interchange overhaul needs full study
Restaurateurs Call on Congress to Fight Big Banks’ Tactics to Halt Debit-Card Swipe Fee Reform
Letter to JPMorgan Chase CEO Jamie Dimon Regarding Interchange Fees
Facebook, Apple, Microsoft, Google and More Unite to Fight Debit Swipe Fee Caps
NAACP Director: Group’s Stance on Durbin was “Misinterpreted”
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More