Obama's Executive Order On Payment Fraud Falls Short On Boosting Security, Say Experts

by Robert Westervelt on October 20, 2014
 
The Obama administration issued an executive order last week that forces federal agencies to purchase new payment terminals that support "enhanced" security features, but experts say the directive stops short of requiring fully activated encryption and other security measures that would reduce the risk of a data breach.
President Obama's executive order to improve the "Security of Consumer Financial Transactions" requires agencies to begin transitioning to more modern payment terminals that support Europay, MasterCard and Visa (EMV), also known as chip cards. The EMV-enabled payment terminals reduce fraud at retailer brick-and-mortar stores that support the smartcard payments.
 
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