NRF addresses congressional leaders on data theft
In a letter to congressional leaders, the National Retail Federation underscored the retail industry’s commitment to protecting sensitive consumer data in the wake of the recent international cyber attacks and thefts.
“The National Retail Federation and our 12,000 members are committed to combating this criminal threat to our industry and our customers, and we strongly recommend the adoption of meaningful steps to fight cyber theft and credit card fraud,” NRF president and CEO Matthew Shay wrote in the letter sent to Senate Majority Leader Harry Reid, D-Nev., and House Speaker John Boehner, R-Ohio.
The letter reiterated the retail industry’s support for replacing current credit and debit cards with cards that would store data in an embedded computer micro-chip and require the use of a PIN rather than a signature. Current cards use easy-to-hack 1960s technology, the NRF stated.
“For years, banks have continued to issue fraud-prone magnetic stripe cards to U.S. customers, putting sensitive financial information at risk while simultaneously touting the security benefits of next-generation PIN and chip card technology for customers in Europe and dozens of other markets,” Shay said.
NRF expressed its support for an immediate transition from magnetic-stripe cards to more-secure and advanced PIN and chip cards to better protect c