US president Barack Obama has signed an executive order mandating the use of chip and PIN technology at executive departments and agencies for card payments. From 1 January, cards issued by the federal government to distribute benefits will have to be chip and PIN and payment terminals acquired by agencies through the department of the treasury will be upgraded.
„We know this technology works — when Britain switched to a chip-and-pin system, they cut fraud in stores by 70%,” says the American president.
See the entire speach of the American president at the Consumer Financial Protection Bureau (starting with 5.10′)
For online transactions, Obama has given a group of agencies 90 days to come up with a plan to ensure that all those making personal data accessible to citizens through digital applications use multiple factors of authentication and an effective identity proofing process.
Obama ha also set out plans designed to cut the time victims of identity theft have to wait for remediation and actions designed to improve credit score transparency.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
