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May 12, 2016Blog Posts

Sen. Durbin blasts credit card group for botched rollout of more secure cards

Star Tribune

Illinois Sen. Dick Durbin on Thursday blasted the card network-dominated group that sets the standards for chip-enabled plastic payment, accusing it of mishandling the rollout of more secure credit and debit cards, lacking transparency and refusing, at the expense of retailers, to promote PIN authentication. EMV stands for EuroPay, MasterCard and Visa, but for consumers it mostly means a card with a chip in it that is more secure than the magnetic strips that have until last year prevailed in the United States. Some stores have adopted the new technology, others have not.

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