WASHINGTON (3/24/15)--CUNA and other financial trade organizations have written to members of Congress asking one question: Why are merchants fighting to maintain a status quo that is clearly not working for consumers?
The question was posed in a letter to legislators in response to suggestions from merchants that increased usage of personal identification numbers (PINs) will help stem the tide of data breaches.
"Winning the war against cybercrime will take a forward-looking approach to preventing data breaches anywhere they occur--at the register, with a mobile phone or online," the letter reads. "The financial industry is innovating and building the security technologies that will evolve our payments system, ensuring consumers feel confident their data is safe."
The letter adds that a continued focus on a single technology such as PINs gives a false sense of security "at a cost that everyone bears."
It also cites a number of studies and articles that show PIN technologies are no substitute for the strong data security legislation CUNA and others have been calling on Congress to enact.