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More than half of consumers consider it risky or very risky to pay through a mobile app.
ABA this week launched a new ad as part of its “Let’s Innovate. Not Mandate” campaign. The ad, running in Capitol Hill newspapers, notes that financial institutions are busy issuing new EMV/chip cards that eliminate counterfeit fraud, but that just 27 percent of businesses are equipped to accept the cards. “These retailers deserve credit for
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
ABA banker Jim Reuter, EVP and COO of FirstBank in Lakewood, Colo., today briefed the Congressional Payments Technology Caucus on the rollout of EMV chip card technology. Reuter, whose bank is both a card issuer and an acquiring bank, explained that because fraud is ever-changing, EMV is just one of many technologies banks and retailers
An overwhelming majority — 94 percent — of consumers think retailers should take steps to better protect consumer data from hackers, according to an Ipsos Public Affairs survey conducted for ABA. Seventy percent say retailers should be installing EMV chip-enabled card readers as soon as possible. Nearly 80 percent of consumers think the government should
ABA and other groups representing banks and credit unions in a letter Friday pushed back against retailer claims about the need for PINs to accompany new EMV, or “chip” cards. The letter was sent in response to questions raised at an Oct. 7 Small Business Committee hearing on EMV and in anticipation of the panel’s
Debit cards, cash and credit cards remain the most popular payment methods, according to recently released results from the Federal Reserve Bank of Boston’s 2013 Survey of Consumer Payment Choice.
Bankers are committed to helping small business partners as the payment industry leads the ongoing transition to chip-based EMV card technology, ABA said in a statement for the record for a House Small Business Committee hearing.
Consumer Financial Protection Bureau Director Richard Cordray focused on payments in his remarks at a meeting with the Community Bank Advisory Council on Sept. 30 in Washington, D.C. Cordray said that the Bureau has identified four primary areas of concern regarding the payment system: transparency, security and access.