In February, American Express will start a new program to support small businesses upgrading their point-of-sale terminals to more secure standards.įinally, Visa will launch a new program to educate consumers and merchants on chip and other secure technologies, sending experts to 20 cities in a national public service campaign.
It will also upgrade retail payment card terminals at federal agency facilities to accept Chip and PIN-enabled cards. This new technology will apply to both new and existing credit cards issued by the General Services Administration to government employees, as well as debit cards issued as part of benefit programs like Direct Express. The President's Executive Order will be an important step in making Americans safer by securing their payments to and from the federal government through Chip and PIN technology. Millions of Americans suffer from credit card fraud and identity theft each year, and tens of millions have had their data breached in the last year alone. In remarks at the Consumer Financial Protection Bureau (CFPB) announcing the new BuySecure initiative, the President highlighted some of the specific steps that his Administration and the private sector are taking to improve Americans' financial security - and called on Congress again to enact overdue cybersecurity legislation that will protect Americans, particularly by clarifying companies' obligations when sensitive data is breached.
The Executive Order itself will help by assisting victims of identity theft, improving the government’s payment security as a customer and a provider, and accelerating the transition to stronger security technologies and the development of next-generation payment security tools.
On Friday, President Obama signed a new Executive Order - the first part of the new BuySecure initiative - that takes critical steps to protect consumers’ financial security and improve confidence in the marketplace.
(Official White House Photo by Pete Souza) President Barack Obama signs an Executive Order to provide consumers with more tools to secure their financial future by assisting victims of identity theft, improving the Government’s payment security as a customer and a provider, and accelerating the transition to stronger security technologies and the development of next-generation payment security tools, at the Consumer Financial Protection Bureau in Washington, D.C., Oct.