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
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 today. Credit cards be the preferred method of payment for consumers for years to come. We must ensure we are using every credible means to safeguard those transactions now. That means embracing chips and pins. I would like to try over to camille fisher. She is the policy advisor with the white house economic council. She will speak about what the administration is doing to protect consumers. Thank you. Camille fisher thank you. Its a pleasure to be here with you to talk about the security initiative. The hallmark is that every step the administration took the private sector ran with. The could not be here today without your commitment. I hope our cooperation lives on. I think our initiative can teach the next guy a thing or two. We launched our Cybe
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
Played a game with the banks, with the Banks Holding all the cards. Changing the terms, raising Interest Rates, changing the rules of the games. Consumers use plastic for 100,000 transactions a minute. It has produced billions in profits, and nearly a trillion dollars in debt. Americans people simply cannot pay back the level of debt that has grown over the last 30 years. And the credit card industry even played a hand in the economic meltdown. You had consumers refinancing their homes to pay off all their credit cards. Apply now. And then they went back out and filled their credit cards back up. Now, as credit card losses are piling up, the government is stepping in. We need to fix the rules and make them tougher, with a simple, clear, Single Mission to protect consumers. Bergman why hasnt there been credit card legislation to control some of these abusive practices . Why did it take a near depression . Lobbying power. Tonight on frontline, correspondent Lowell Bergman and the New Yor
Played a game with the banks, with the Banks Holding all the cards. Changing the terms, raising Interest Rates, changing the rules of the games. Consumers use plastic for 100,000 transactions a minute. It has produced billions in profits, and nearly a trillion dollars in debt. Americans people simply cannot pay back the level of debt that has grown over the last 30 years. And the credit card industry even played a hand in the economic meltdown. You had consumers refinancing their homes to pay off all their credit cards. Apply now. And then they went back out and filled their credit cards back up. Now, as credit card losses are piling up, the government is stepping in. We need to fix the rules and make them tougher, with a simple, clear, Single Mission to protect consumers. Bergman why hasnt there been credit card legislation to control some of these abusive practices . Why did it take a near depression . Lobbying power. Tonight on frontline, correspondent Lowell Bergman and the New Yor