The National Association of Convenience Stores (NACS), on behalf of the more than 151,000 convenience stores nationwide, applauds President Obama’s announcement this morning of the new BuySecure Initiative instituting the use of both microchip and PIN technology in government-issued credit and debit cards and joining with leading private players to advance the use this highly secure technology as the industry standard.
“NACS has been working for many years to promote the use of PIN technology, which has been successfully employed in Europe for years, resulting in dramatic reductions in fraud to the benefit of merchants and consumers alike,” said Lyle Beckwith, NACS senior vice president of government relations.
“PIN technology is the surest and simplest way to ensure card security. Even without the use of chip, requiring a four-digit PIN number on all credit card transactions would immediately eliminate the vast majority of card fraud. We agree with the president that this collaborative initiative has the potential to be a premier example of government leadership in driving positive change, in particular to accelerate the widespread adoption of next-generation payment security tools. NACS will redouble its own efforts to work with the administration, Congress and the industry to make the establishment of the highest possible protections for businesses and consumers in the very near future,” said Beckwith.