- 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.