White House Tackles Financial Transaction Security
On October 17, 2014, U.S. President Barack Obama issued an executive order on “Improving the Security of Consumer Financial Transactions.” The order primarily addresses federal transactions but will pave the way to broader adoption elsewhere in the country, as it will impact any private sector company wishing to provide transactional financial services and products to the government. Payment processing terminals will need to have enhanced security features in place at the hardware level, and agencies will have to install corresponding software that can work with these new devices.
The enhanced security features are to be considered in light of relevant voluntary consensus standards and specifications, but chip and PIN will be an intrinsic part of that feature set. This means that all credit and debi...
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