Durbin and Franken Ask Fed To Do More To Protect American Consumers From Payment Card Fraud
Washington, D.C. – U.S. Senators Dick Durbin (D-IL) and Al Franken (D-MN) today wrote to the Chair of the Federal Reserve, Janet Yellen, asking her and the Federal Reserve Board to enhance payment card security by providing oversight and enforcement of a fraud prevention law that Congress enacted in 2010. Today’s letter follows last week’s Senate Judiciary Committee hearing on the series of recent data breaches which put consumers’ credit and debit card information at risk.
“We write today regarding the urgent need to enhance security in the U.S. payment card system and protect American consumers from fraud,” the Senators wrote. “Recent data breaches demonstrate how shortcomings in card security are putting American consumers at unnecessary risk. While these breaches reveal security problems that extend beyond the payment system, fraud-prone U.S. payment card technology is a key vulnerability that must be addressed…Protecting American consumers from fraud is vital to the integrity of our payment system. All participants in the payment system – including merchants, networks, and issuers – must bear responsibility for making that system more secure. Congress has assigned the Board an important task in this effort to improve payment security. We look forward to a prompt response to the attached questions and to continuing to work with you to ensure that Congress’ goal of effective fraud prevention is carried out successfully.”
A copy of the full letter is attached. More information on last week’s Senate hearing can be found here.
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