Retailers on March 26 lobbied the Senate for a more secure credit and debit card system, including one that requires PINs for credit card transactions.
Retailers on March 26 lobbied the Senate for a more secure credit and debit card system, including one that requires PINs for credit card transactions.
“Everything a fraudster needs is right there on the card,” Mallory Duncan, senior vice president and general counsel at the National Retail Federation, said in a statement.
New secure cards would require customers to use a PIN instead of a signature or magnetic stripe, the federation contends.
“Protecting all cards with a PIN instead of a signature is the single most important fraud-protection step that could be taken quickly,” Duncan said. “It’s proven, it’s effective, and it’s relatively easily implementable.
Byron Pollitt, Visa’s chief financial officer, recently suggested merchant aren’t ready for PIN-based transactions because many can’t accept PINs.
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