You may have got the new credit card recently with a chip in it. Consumer advocates from the credit card industry will discuss the implementation of that chip card technology. A group called protect my data is protecting hosting this of that. This is live coverage on a cspan. We expected to start in just a moment. Good afternoon unwelcome. It good afternoon and welcome. Thank you for being here. Thank you for taking part of this conversation today. We will follow up on the event we had last year. That me start again. Anyone missed it, i want to welcome you today to take part in this great conversation we are having on the chip card transition six months later. Lynn with attacked my data. Thank you for being here. We had a great event last year that i hope some of you were able to make it too. We will have time to answer any questions you have. Over six months since the october 1 liability shift deadline and we are here to explore the progress the industry has made to protect consumers
There is an organization governed by visa and mastercard. They control the technology that is the backend for these smart chips. One of our Lessons Learned early on is they manage the process well. Its an indicator that we have huge concerns about them being involved in transitioning the u. S. To digital and mobile commerce in the future. Thats one of the biggest lessons and takeaways for merchants who have had to rely on the companies for this major transition. Some members of congress of started to look into this and how its organized in governed. We need to ask why we dont have a more robust four pin here in the United States. There are branches of the Federal Reserve studying security who point to the development of standards which they directly and explicitly reference. It may result in lesser security as well as competitive disadvantages for other companies. We have seen that happen here in the u. S. What does this mean . We do believe that merchants will get there eventually. Th
Were highlighted in president obamas executive order that required technology for government issued credit cards and in a pride of the old terminals at federal buildings. Others have recognized that security benefits of combining chip cards with pins. In the last two weeks, discover, one of the largest card brands, embraced the willingness to use pins. New york had a consumer alert stating in part that chip cards that require a personal Identification Number could be entered at a pointofsale to make a purchase and they are the most secure. Over the last year, the payment industry has rebutted arguments in favor of this by saying one day we will move beyond the pen. Even if thats true, there will always be a Better Technology available down the road. It doesnt make sense to make the American Public stand by and wait for an alternative while they remain susceptible to fraud. Traditional credit and debit cards account for the overwhelming majority of all transactions in the United States
Driver this morning. Chris . Okay, jen, and surveillance cameras rolled moments before three guys broke into a south philly home, the big ticket item these burglars walked away with. My goodness. Good day everybody it is thursday being october 1st, still work owing moon my hair from yesterday. I know you are working on your hair right now. They have light shining right in my eye from your mirror hitting me in the face. Blinded by the light there. Well cue up the song originally written by springsteen, i believe played by who is the band remade that . Sue serio, all eyes on the south of here and to the east, joaquin of course churning out over the atlantic now, is that correct . Thats correct, bahamas getting hit by the storm which has strengthened a lot in one day, in fact, it is now category three storm, with 120mile per hour winds, thats as of the latest update as 4 00. Of course, we will be updating this frequently, but this rain that were having right now, and there is some in our
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