Oct 17, 2014 12:15 PM
Obama announces plan to tighten card security
The Associated Press
WASHINGTON (AP) President Barack Obama says the United States must do more to stop security breaches for credit and debit card users.
Obama says for victims of fraud and identity crimes, it's infuriating and heartbreaking. He says the problem requires a hands-on approach across the government.
Obama is signing an executive order creating a new plan called BuySecure to tighten security for the debit cards that transmit federal benefits like Social Security to millions of Americans. Cards issued by the federal government will now have an internal chip replacing magnetic strips.
Obama says Congress must do its part, too. He wants Congress to pass a single, national standard.
An estimated 100 million people have been affected by breaches in the past year, including at big retailers like Target and Home Depot.