Senator Warner asks regulators to require chip-and-pin debit and credit cards

From The Hill:

On the heels of President Obama’s call for stronger cybersecurity protections on Monday, Sen. Mark Warner, (D-Va.) called on regulators to force banks to issue chip-and-PIN debit and credit cards to better protect American consumers from data breaches. 

“The President’s measure takes strong steps towards ensuring cards used by the federal government have enhanced security authentication measures,” he said in a letter to Janet Yellen, chair of the Federal Reserve System; Martin Gruenberg, chair of the Federal Deposit Insurance Corp.; Thomas Curry, comptroller of the currency; and Richard Cordray, director of the Consumer Financial Bureau on Monday. 

“I have concerns, however, that as merchants spend billions of dollars this year to upgrade their infrastructure to accept chip-and-PIN enabled cards, there is an insufficient emphasis being placed by federal banking regulators on ensuring a meaningful improvement in consumer safety with the corresponding issuance of chip-and-PIN debit and credit cards in the private sector. “

He asked why the financial institutions these regulators oversee continue to issue chip-and-signature cards when better anti-fraud technology and authentication measures exist.

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