Today, the Senate Banking Subcommittee on National Security, International Trade and Finance will have a hearing on protecting consumers’ data.
Lyle Beckwith, senior vice president of government relations at the National Association of Convenience Stores (NACS) issued the following statement regarding the hearing:
“Credit card companies make the cards and set the security standards. Merchants spend roughly $6.5 billion each year to help prevent fraud and protect customers but can’t make up for all the vulnerabilities that fraud-prone credit and debit cards have.
“To best protect consumers, real security standards need to be established that aren’t based on proprietary models only the credit card companies oversee.”