On October 17, President Obama signed an executive order that will make federal payments safer. Over this past year alone, millions of consumers have been put at risk, thanks to massive data breaches.
So this order couldn’t have come at a more perfect time. In fact, Obama is urging banks and retailers to follow suit: “Now, we’ve all experienced the benefits of new technologies that let us buy and sell stuff faster and more efficient than ever, but there are risks that come with these technologies, as well.”
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For this reason, Obama has launched the initiative formally known as “Buy Secure.”
Better technology shouldn’t mean lower safety. After all, Americans “should be able to buy the things you need without risking your identity, your credit, or your savings.”
Buy Secure was modeled by a similar system in Britain – where officials reported a 70% drop in fraud in stores.
Hopefully, we’ll see a decrease in cyber theft, which has become America’s fastest-growing crime.
Banks and Retailers Call It a Win
The best part of all is that everyone wins. For years, banks and retail industry groups have been searching for a way to make electronic payments safer. Banks wanted retailers to take more of the brunt with handling costs of replacing cards, while retailers accused banks of being too slow on adopting technologies.
But both found a silver lining with Obama’s executive order.
“We look forward to working with the White House, Treasury, Commerce, and Homeland Security to share our best practices and new technologies that will aid in the fight against fraud,” the American Bankers Association said in a statement.
The National Retail Federation, too, said that it supports these measures to stop cyber crime.
I guess the famous saying is right: “Even a broken clock is right twice a day.”
See, Obama does work once in a while…
In pursuit of the truth,
Politics Research Team