From: EcommerceBytes
By Kenneth Corbin
President Obama on Friday unveiled a series of steps aimed at improving the security of credit- and debit-card payments, including a pledge to shift government transactions over to the PIN and chip system and commitments from major retailers and credit card providers.
In announcing the BuySecure initiative, Obama signed an executive order directing federal agencies to phase out magnetic strip credit and debit cards issued by the government, and to implement readers for the more secure PIN and chip cards in government retail locations such as national parks.
Obama also announced that the White House will convene a summit later this year focusing on payments and other issues relating to Americans’ financial security, bringing together industry stakeholders to advance best practices and encourage stronger security standards.
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