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Announcements from the MAG & Featured Articles

ICYMI: Merchant Advisory Group Quoted in the Philadelphia Inquirer

After what seems like an endless avalanche of data breaches across the country, it’s no surprise that improving our data security systems has become a top priority for businesses and consumers alike. In recent weeks, the Merchant Advisory Group has been focused on how we can fix our broken payment security system to secure both retailers’ and consumers’ financial data. Banks and credit card companies have already started issuing chip-enabled debit and credit cards – cards featuring a microchip that encrypts financial information. Merchants are required to upgrade their payment terminals to accept these cards by October 1st or bear the losses when a breach occurs. While this technology is certainly a step in the right direction, it is a half-measure at best. Consumers and merchants would be much better served if card issuers implemented chip and PIN technology, a two-prong security system that has been proven effective in reducing fraud around the world for years. Our CEO Mark Horwedel was recently interviewed by Jeff Gelles, veteran business columnist at the Philadelphia Inquirer, where he explained the necessity of PINs and their importance in eliminating point-of-sale fraud in ways that chip cards alone cannot. But, as Mr. Horwedel explained, “once again, Visa, MasterCard, and the big banks are chiefly taking care of themselves.”To minimize fraud, secure point-of-sale transactions and protect consumers – the banks and credit card companies must stop cutting corners and implement chip and PIN technology. To read the full article, visit Philly.com