President Signs “BuySecure” Initiative For Consumer Card Fraud Protection
Introduction
With data breaches become weekly occurances (if not more — the latest chain to be hit since our last post is Staples), the White House has attempted to step into the “breach” itself, with the signing of a new executive order that is part of a larger “BuySecure” initiative for consumer card fraud.
Partnership with Private Sector
Signed by President Obama just last week, the order will expedite the introduction of chip-and-pin technology in the United States.
The new program is being coordinated with the Consumer Financial Protection Bureau, along with partners in the private sector, which include previous corporate “victims” of high-profile hacks.
Leading Partners
Among those partnering with the White House are Home Depot and Target (along with Walgreens and Walmart) who will be rolling out chip-and-pin compatible terminals over the next 3 months. Additionally, American Express will launch a program to help support small businesses in making their POS terminals more secure, and Visa will expand its program on educating consumers and merchants on secure technologies (similar to the “MasterCard tips” we recently ran), including sending a team of experts to 20 cities for face-to-face events.
Key Components
As for the White House initiative, it includes:
New Resources for Identity Theft Victims
The order provides backing for the Federal Trade Commission’s creation of IdentityTheft.gov, a novel all-in-one platform designed to streamline the reporting and remediation process with credit bureaus following a breach.
Expanded Information Sharing
The Executive Order will enable Federal investigators to readily share information and routinely report proof of stolen financial and other data to companies directly impacting their customers.
Company Assistance
Another partnership, involving MasterCard as mentioned earlier, will offer its customers complimentary identity theft monitoring and assistance in resolving such issues.
Positive Reactions
The reception to these developments has been positive. Jason Oxman, CEO of the Electronic Transactions Association, conveyed his support through a statement, where he praised the Administration for endorsing a consistent national data breach notification standard and emphasized the importance of enhanced information sharing on cyber threats. Looking ahead, he expressed eagerness to collaborate with the Administration to ensure the enduring safety, reliability, and security of our payment networks.
Upcoming Summit
Meanwhile, the White House plans to initiate a “Summit on Cybersecurity and Consumer Protection” later this year, and this timeline appears to be quite swift, considering the current calendar. The primary objective of this summit is to convene prominent stakeholders in the realm of consumer financial protection to deliberate on strategies for enhancing the safeguarding of Americans and their financial information.
Therefore, anticipate additional initiatives and declarations in the upcoming months. However, you need not be located within the Beltway to commence safeguarding your business and your clientele. AVPS stands prepared and available to assist you with equipment enhancements, broader customer payment alternatives, and additional services whenever you require them.
Consider it a kind of “Rose Garden Strategy,” for you and your customers!
