Video: House Hearing on Data Breaches: Randy Vanderhoof Testifies in Support of U.S. Move to EMV Chip Payments to Curb Cybercrime
Hearing date: March 6, 2014
A House hearing, ”Can Technology Protect Americans from International Cybercriminals?” was held on March 6, 2014 to examine the current state of technology and standards and to address the evolution of cyber-attacks against the U.S. Randy Vanderhoof testified in Washington D.C. in front of the Subcommittee on Oversight and the Subcommittee on Research and Technology.
Vanderhoof’s testimony includes:
- The state of payment card technology and the payments acceptance ecosystem, including differences between the magnetic stripe cards used in the U.S. and EMV chip cards used in more than 80 countries
- The status of U.S. migration to EMV chip cards
- Benefits for the U.S. moving to EMV chip cards to increase security, reduce counterfeit card fraud, and reduce the likelihood of future data breaches by devaluing the payments data that is present in the retail and financial systems
Vanderhoof concludes, “While the move to EMV chip payments in the U.S. is a complex and expensive undertaking, it is a critical one that will benefit our entire payments system. I am encouraged by the payments industry’s recognition that we need to move EMV chip technology. I am even more encouraged by the fact that many of the largest financial institutions are now issuing EMV chip cards and big retail chains are moving quickly to put in place the chip-enabled terminals and working with their acquirer processors to enable those devices to begin accepting chip transactions by the October 2015 targeted completion dates.”
Vanderhoof’s full written testimony for the hearing, held jointly by the Subcommittee on Oversight and the Subcommittee on Research and Technology, is available at http://science.house.gov/sites/republicans.science.house.gov/files/documents/HHRG-113-SY21-WState-RVanderhoof-20140306.pdf.
Vanderhoof’s full video testimony for the hearing, held jointly by the Subcommittee on Oversight and the Subcommittee on Research and Technology, is available at http://science.house.gov/hearing/subcommittee-oversight-and-subcommittee-research-and-technology-joint-hearing-can-technology (starting at 17:00).