If you knew a large group of highly trained and organized thieves was working in your neighborhood, how long would it take for you to lock your doors?
Of course, we would all do it immediately — and many of us would buy security systems and take other defensive steps as well.
A group of highly trained and organized thieves is working in our cyber neighborhood, and as we have seen over the last year, their methods are growing in sophistication, coordination and success. Yet some of the biggest targets for cyber-criminals, including certain retailers, restaurants, food stores, pharmacies and others, seem to be saying the time and effort needed to adopt a more secure payment card system is too much to ask of them right now.
As we have painfully seen with the now familiar parade of card and data theft incidents, the frequency and cost of breaches to both the merchants and financial institutions grows. It is now more urgent than ever that we work together to do everything we can to stop these incidents before consumer trust in payments is harmed.
The next step toward advancing card technology is adoption of “EMV” or “chip cards.” Chip cards rely on a computer chip embedded in a card to create a unique real-time transaction code for every purchase, making the card nearly impossible to counterfeit. This technology has been enormously successful in reducing counterfeit card fraud in over 80 countries around the world. Implementing this technology relies on both banks to issue cards with chips and retailers to install systems that can accept chip technology.
Read the full version on The Hill.