The National Retail Federation recently announced how it told a congressional panel that the retail industry is committed to safeguarding and protecting consumer data and information from cybercriminals and hackers, according to Apparel.
"Retailers make significant investments every year in order to protect [consumer] data," NRF vice president for retail technologies Tom Litchford testified. "Collectively, retailers spend billions of dollars annually to safeguard data and fight fraud, as well as hundreds of millions annually on [credit card security] compliance."
He described how there is support for immediately transitioning away from fraud-prone credit cards that utilize magnetic-stripe and signature, to more advanced and secure cards that incorporate a Personal Identification Number or PIN, or Chip and PIN cards that include a computer microchip.
"Chip and PIN technology dramatically reduces the value of any stolen ‘breached' data for in-store purchases because the payment card data is essentially rendered worthless to criminals," Litchford said. "The failure of U.S. card networks and banks to adopt such a system in the United States is one reason why cyberattacks on brick-and-mortar retailers have increased."
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