The chip is key to the security of new EMV cards, ABA SVP Jess Sharp said in an American Banker op-ed yesterday rebutting claims that chips should always be paired with PINs instead of signatures for verification.
The House Financial Services Committee will meet tomorrow to consider several bills, including the ABA-advocated H.R. 2205, which would establish a national data security and breach notification standard for financial institutions and retailers and is part of ABA’s Agenda for America’s Hometown Banks.
According to documents filed today, Target has agreed to pay approximately $39.4 million to settle claims by card issuers over its 2013 data breach.
Stopping fraud is an enterprise-wide project that requires an enterprise-wide leader empowered to connect silos.
To help consumers make the most of new chip cards during the holiday shopping season and understand their security benefits, ABA has launched a new education campaign.
The FDIC today updated its suite of cybersecurity resources with additional online educational tools to help bank executives and directors address the growing threat of cyber crime.
ABA in a joint letter today urged Congress to remove Section 407 from the Cybersecurity Information Sharing Act as the House and Senate prepare to reconcile competing versions of the bill.
Only 41 percent of business owners currently have the ability to accept EMV credit and debit cards, according to a survey released this week by Newtek Business Services.
In a joint letter to members of Congress today, ABA and others urged House legislators to remove a section from the Senate-passed version of the Cybersecurity Information Sharing Act that would require the Department of Homeland Security and other agencies to independently investigate, assess and offer recommendations to Congress on the cybersecurity and incident reporting capabilities of critical infrastructure entities.
New York’s Department of Financial Services is considering issuing new regulations on cybersecurity for financial institutions, according to a letter the department sent to federal and state regulators on Monday.