Retailers need to focus on protecting their customers’ data before it gets breached, ABA President and CEO Frank Keating said in an op-ed published today in The Hill.
“Unfortunately, some retail trade groups have chosen to fixate on mandating PINs, a static technology that only addresses a small and steadily declining share of fraud, rather than addressing what caused the high profile retail data breaches that compromised millions of Americans’ card accounts,” Keating wrote. “These breaches weren’t caused by petty thieves swiping cards out of wallets – they were caused by organized crime rings exploiting gaps in retailers’ systems.”
The op-ed goes on to promote ABA-backed legislation – the Data Security Act of 2015 – that would establish a uniform data security standard nationwide for all businesses.
