Obama Announces Plan to Tighten Security on Federal Debit Cards
Saying more must be done to stop data breaches affecting consumers, President Barack Obama on Friday announced a government plan to tighten security for the debit cards that transmit federal benefits such as Social Security to millions of Americans.
Cards issued by the federal government will now have an internal chip replacing magnetic strips to reduce the potential for fraud. Concern is growing over the security of Americans’ financial data, with an estimated 100 million people having been affected by breaches in the past year at big retailers like Target and Home Depot. Payment terminals at federal government facilities will be equipped to handle cards with the new technology.
More: Obama Announces Plan to Tighten Security on Federal Debit Cards - the Denver Post