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You are here: MacNN Forums > News > Tech News > Obama signs BuySecure executive order to hasten US EMV adoption

Obama signs BuySecure executive order to hasten US EMV adoption
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NewsPoster
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Oct 20, 2014, 01:57 PM
 
Last week, US President Barack Obama signed an executive order that will help consumers who are victims of identity theft, as well as speed up the adoption of the Europay, MasterCard, and Visa (EMV) chip standard for credit and debit cards. In the order, parts of the federal government will be adopting EMV measures, as well as strengthening the public's ability to monitor financial health or seek help when necessary.

Speaking at the Consumer Financial Protection Bureau, Obama talked about some of the issues surrounding consumer protections, including combating the large string of breaches in the last year. Announcing the BuySecure Initiative, Obama outlined programs from the federal government that will be rolled out to support enhanced security, bolster monitoring channels, and make reporting faster for victims of identity theft.

Chip-and-PIN technology will be added to all credit, debit and other payment cards that are issued by the federal government, alongside the rollout of such cards from banks and other issuers. Starting January 1, the transition to EMV will begin, with more than one million cards issued by the end of 2015. All federal agencies that process consumer transactions will also receive point-of-sale (POS) terminal upgrades under a plan from the Department of Treasury. Places like national parks will accept EMV cards to meet the minimum security standards. The United States Postal Service rolled out new terminals earlier this year.

Obama also urged companies to join in on the plan to push out EMV faster. Companies like Walgreens, Target, Walmart and Home Depot have already committed to rolling out the new terminals by early 2015. Plans from Home Depot and Target were already outlined after their computer systems suffered breaches that saw millions of credit card numbers and other consumer information stolen. Walmart is activating their card readers in November, while Walgreens will start accepting the cards in 2015.

Additional security layers are being added as well, with companies like American Express, Visa and Citi lending their support to the program. American Express is launching a $10 million program in 2015 to assist small businesses in upgrading POS terminals. Visa will invest $20 million into education on EMV, sending experts to 20 cities in a public service campaign. Citi is joining other financial institutions in granting free FICO credit scores on a monthly basis for its customers.

Other prevention programs are being bolstered, with support being granted to the Federal Trade Commission (FTC) for the development of the agency's identitytheft.gov resource. The two-year goal is to reduce the time it takes to report identity theft by half. The FTC's site will be streamlined to make it a one-stop resource for reporting and information.

The president also announced that he would be holding a White House Summit on Cybersecurity and Consumer Protection to foster communication for partnerships and innovation. The summit looks to bring together major players in the consumer spending and financial worlds to discuss how the system can work to better protect Americans in the future.

Within the next 18 months, government agencies will starting running personal digital data through multiple tests for authentication for the best protection possible. Information sharing for fraud incidents from federal investigators, such as the Department of Justice and the Federal Bureau of Investigation, will be coordinated to regularly report to the National Cyber-Forensics and Training Alliance's Internet Fraud Alert System. Regular reports will give companies and consumers information to respond to fraud faster.

Obama said that he was taking executive action without Congress during his speech. Once again he called on Congress to "pass meaningful cybersecurity legislation" and legislation for data breaches. The current Congress has been the most unproductive one for many decades in terms of numbers of legislative items passed.

( Last edited by NewsPoster; Nov 1, 2014 at 06:13 PM. )
     
kavok
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Oct 20, 2014, 03:11 PM
 
More legislation by fiat. 2016 can't come soon enough.
     
climacs
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Oct 20, 2014, 03:20 PM
 
yeah I bet you were really upset when Bush signed 291 executive orders, or when Reagan signed 381 executive orders. I agree, 2016 can't come soon enough. It would be a breath of fresh air to watch conservatives fly their sexist freak flag for eight years, watching them fly their racist freak flag is getting a little old.
     
climacs
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Oct 20, 2014, 03:23 PM
 
having actually read the article, there's little that is controversial about the executive order mentioned, unless you are a hacker. If you have a problem with this, you should check to see if your insurance will cover treatment for Obama Derangement Syndrome.
     
DiabloConQueso
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Oct 20, 2014, 03:59 PM
 
If you think that our problems will begin to be solved once this administration is out of office, then you understand neither the problems nor the administration.
     
Flying Meat
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Oct 20, 2014, 04:14 PM
 
Darn it. Why does he do stuff? Is he supposed to do stuff? Somebody check. I'm not sure he's allowed to do stuff.
     
JackWebb
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Oct 20, 2014, 04:47 PM
 
climacs: your first comment is ignorant demagoguery without any truthful basis. Give it up. Your 2nd comment is somewhat intelligent. The content of executive orders and their respect for constitutional government is more important than the amount. Problems will always exist. Government will always take advantage of that to gain control and in most cases the problem will get worse making a nice vicious cycle of more control. It's the history of the world over and over.
     
LenE
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Oct 20, 2014, 05:15 PM
 
Can't wait until we get these chips in our voter ID's. Oh wait...
     
Charles Martin
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Oct 20, 2014, 05:37 PM
 
i was quite shocked when I got my most recent debit card and it still didn't have a chip. This program is years overdue.
Charles Martin
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Charles Martin
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Oct 20, 2014, 05:39 PM
 
JackWebb: seems to me that climacs was correctly calling out the straw man demagoguery of kavok ...
Charles Martin
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Doodpants
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Oct 20, 2014, 06:30 PM
 
Flying Meat: Don't worry; congress is doing their best to prevent him from doing stuff.
     
climacs
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Oct 20, 2014, 07:03 PM
 
thank you chas_m. As a matter of fact, literally thousands of executive orders have been issued by presidents. The practice has a very solid legal foundation that even a layman can understand in five minutes or less. I've found that usually the people complaining about executive orders as some sort of 'tyranny' are simply engaging in partisan polemics.
     
besson3c
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Oct 21, 2014, 12:27 AM
 
Adoption of the EMV chip standard might not only lead to greater security in cards having to pass through merchants via magnetic stripe readings, but possibly lower credit card interest rates, and certainly less money lost because of fraudulent activity.

This is a good thing, whether you choose to be upset about the political maneuvering or not.
     
   
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