ARLINGTON, Va.–As CUToday.info reported here, there continues to be considerable confusion among consumers and even merchants over the new EMV cards that are being rolled out nationally.
In response, NAFCU CEO Dan Berger issued a statement stressing that the “transition to EMV cards is an important step in the process of data security, but it is not a silver bullet. Unfortunately, retailers and merchants are not subject to the same data security standards as financial institutions. This leaves consumers’ sensitive financial information extremely vulnerable to cybercriminals.”
Berger’s statement follows numerous announcements by retailer groups that the EMV cards remain vulnerable.
“Cybersecurity is a shared responsibility,” Berger noted. “Consumers will only be protected when every sector of industry, including merchants, issuers and networks, are subject to robust federal data safekeeping standards. To that end, NAFCU continues to urge Congress to modernize data security and cybersecurity laws to reflect the complexity of the current environment and insist that retailers and merchants adhere to a strong federal standard.”
NAFCU reiterated its support for the Data Security Act of 2015 that is currently before the Senate, as well as the companion House bill. It also stated its support for S. 754, the “Cybersecurity Information Sharing Act.”