WASHINGTON (11/18/15)--A recent effort by the retail industry to hype the power of chip-and-PIN technology to address data security problems seems to have fallen well short of its goal, according to CUNA.
The retail industry recently worked to organize a letter from state attorneys general to claim chip-and-PIN technology can somehow scrub away cybersecurity problems entirely.
CUNA and a coalition of state leagues rapidly coordinated a targeted and aggressive response against the effort. When the AG letter was sent this week urging the nation's largest card issuers to speed up chip-and-PIN implementation, it carried only nine of a possible 56 AG signatures.
CUNA backs technologies such as chip-and-PIN and tokenization as important pieces to securing the payments network, but is adamant that the most important piece to the security challenge is to require all stakeholders to comply with the same strict set of standards.