The Risks Of Credit And Debit Cards And How To Safeguard Consumers

Silicon Valley Bank is the first to deliver chip-enabled credit cards, with EMV chip technology, to businesses in the U.S.  - (PRNewsFoto/Silicon Valley Bank)

Silicon Valley Bank is the first to deliver chip-enabled credit cards, with EMV chip technology, to businesses in the U.S.

(PRNewsFoto/Silicon Valley Bank)

The Risks Of Credit And Debit Cards And How To Safeguard Consumers

In the aftermath of a series of credit card breaches at major retailers, lawmakers call for a congressional inquiry. What stores and banks need to do to keep consumers' credit data safe.

Target and Neiman Marcus are the latest retailers to reveal security breaches that put customers' credit and debit card data at risk. But experts say it's far more common than we'd like to think. Hundreds of data breaches were publicly disclosed last year alone. Yet the U.S. is far behind European and other nations that use more sophisticated chip-and-pin technology to thwart hackers. This week, U.S. lawmakers called for a congressional inquiry into credit card data theft. And major American retailers and card issuers have plans to adopt more secure technology. But many warn more needs to be done. Diane and a panel of experts talk about how to make credit and debit cards safer.

Guests

Doug Johnson

vice president of risk management policy, American Bankers Association.

Robin Sidel

senior special writer, The Wall Street Journal; she covers the credit card industry.

Shane Sims

partner at PricewaterhouseCoopers and the U.S. leader of Forensic Cyber Threat Response Services; formerly, he was a supervisory special agent at the FBI for 10 years, focusing on cybercrime.

Mark Horwedel

CEO, the Merchant Advisory Group, a trade association consisting of payment professionals of about 70 of the top merchants in the U.S.

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