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National Retail Federation Vows to Protect Against Credit Card Fraud

National Retail Federation Vows to Protect Against Credit Card Fraud

The National Retail Federation is the largest retail trade association in the world. Their headquarters are located in Washington, DC. Some members of the NRF are grocery stores, chain restaurants, department stores, wholesalers, catalog and independent retailers, as well as internet based retailers spanning from the United States to over 45 other countries.

On Jan. 21, 2014, The NRF announced their commitment to protecting the population from recent international cyber thefts and attacks. This has become a greater issue as technology advances and is available to more people. In a letter sent to John Boehner, house speaker of R-Ohio, and Harry Reid, senate majority leader, NRF President and CEO Matthew Shay mentions the retail industry’s support and intent of the replacement of credit and debit cards with specific cards designed to store certain data in a micro-chip which would require using a Personal Identification Number in place of a signature.. Also, this card would
Shay said that the NRF, “… strongly recommend(s) the adoption of meaningful steps to fight cyber theft and credit card fraud.” It is important for people to understand that they must take the necessary precautions in order to protect themselves from such attacks and fraud, which can be extremely financially harmful. In the letter, Shay also said that, “For years, banks have continued to issue fraud-prone magnetic stripe cards to U.S. customers, putting sensitive financial information at risk while simultaneously touting the security benefits of next-generation PIN and Chip card technology for customers in Europe and dozens of other markets.” These types of Pin and Chip cards are becoming more popular as the use of them has expanded to over 80 countries throughout all of Asia, Africa and Europe.

“The retail industry is eager to work with banks and card companies to fight cyber-attacks and reduce fraud. These efforts include installation of sophisticated new PIN-enabled point-of-sale-systems and readiness to adopt cards with more secure microchip technology, but the fact remains that retailers cannot do this alone,” Shay said.

By Rachel Tallis

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