Last Friday, President Obama spoke at the Consumer Financial Protection Bureau about the new BuySecure initiative and signed an executive order with the intention of accelerating the EMV transition. Obama cited BuySecure and his executive order as the response to the country’s sluggish adoption of EMV chip cards and terminals as well as the increasing prevalence of data breaches. The ultimate goal of BuySecure is to urge the U.S. market to a safer payment system and decrease fraud. Obama admits that fraud is a serious issue.
“More than 100 million Americans had information that was compromised [last year] in data breaches of some of our largest companies, and identity theft is now America’s fastest growing crime.”
“The idea that somebody halfway around the world can run up thousands of dollars in charges overnight just because they stole your number or because you swiped your card at the wrong place at the wrong time—that’s infuriating. For victims, it’s heartbreaking. And as a country, we’ve got to do more to stop it. And that’s why today we are launching the initiative called BuySecure.”
The President’s BuySecure initiative calls for the federal government to implement the EMV chip-and-PIN technology to new and existing credit cards, debit cards, and to install EMV chip ready terminals in all federal departments and agencies. Thousands of U.S. Postal Service locations have already made the switch to EMV, and soon other government retail locations will follow. The President is confident in the security of EMV technology.
“We know this technology works because when Britain switched to a chip-and-PIN system, it cut fraud in stores by 70%.”
Although the deadline is October 2015, retail giants Home Depot, Target, Walgreens, and Walmart have promised to become EMV-capable by January 2015. American Express is offering $10 million to help update small business terminals, and Visa will initiate a public service campaign in 20 cities to educate consumers and merchants on EMV chip-related technologies. Obama hopes this ratification of BuySecure will influence the rest of the retail world, banks, and credit card companies into making the EMV transition sooner to avoid future data breaches.
Frontline Processing is proactive about the EMV transition too, as we have been sending our merchants FREE EMV capable terminals.
Call our customer support at 1-866-651-3068 to get your free EMV credit card terminal today!
At Frontline Processing, on average, we save our merchants 12% or more on their credit card processing fees!