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Wednesday, February 12, 2014

ABA, Trade Groups Push Back on Retailer Distractions

ABA and four other bank and credit union trade groups pushed back against the National Retail Federation’s contention that chip-based payment technology will curtail data breaches. The groups said of an NRF press conference:

“Once again, the NRF is more interested in pointing fingers than accepting responsibility for their role in protecting consumer data. That’s a distraction. Plain and simple, the Target breach  and the others recently in the news  had little to do with card technology and everything to do with failed computer security at major retailers.”

ABA and the other groups emphasized that while chip-based technology is part of the solution  and that banks and retailers are already moving to adopt it  retailers must support innovative efforts to improve security. “Protecting consumer data is a shared responsibility, and merchants must have the same tough data security standards as financial institutions to thwart hackers.”

Read the joint statement.

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