NRF: Chip-and-PIN card adoption a must

|By:, SA News Editor

Reps from the National Retail Federation testified in front of a Congressional panel today on the issue of customer data security.

The organization supports moving away from fraud-prone credit cards to PIN cards that include a microchip.

Despite some overheard costs to make the broad transition, the NRF thinks the retail industry will benefit as costs tied to fraud are reduced. Just ask Target (TGT +0.5%).

Payment giants MasterCard (MA +2.1%) and Visa (V +2%) support the adoption of chip-and-PIN cards, while the banking industry has been less supportive.