Obama Announces New Technology To Fight Credit Fraud

“Today we are launching ░░░░░░░░ initiative called Buy Secure ░░░░░░░░ you should be able ░░░░░░░░ buy the things that ░░░░░░░░ need without risking your ░░░░░░░░ your credit score or ░░░░░░░░ savings First starting next ░░░░░░░░ we re going to ░░░░░░░░ making sure that credit ░░░░░░░░ and credit card readers ░░░░░░░░ by the United States ░░░░░░░░ come equipped with two ░░░░░░░░ layers of protection a ░░░░░░░░ in the card that ░░░░░░░░ harder for thieves to ░░░░░░░░ than a magnetic strip ░░░░░░░░ a pin number that ░░░░░░░░ enter into the reader ░░░░░░░░ as you do with ░░░░░░░░ ATM We know this ░░░░░░░░ works When Britain switched ░░░░░░░░ a chip and pin ░░░░░░░░ they cut fraud in ░░░░░░░░ by 70 percent So ░░░░░░░░ I m also directing ░░░░░░░░ law enforcement to share ░░░░░░░░ information with the private ░░░░░░░░ when they discover identity ░░░░░░░░ rings Today a group ░░░░░░░░ retailers that include some ░░░░░░░░ our largest Home Depot ░░░░░░░░ Walgreens Walmart and representing ░░░░░░░░ than 15 000 stores ░░░░░░░░ the country all of ░░░░░░░░ are pledging to adopt ░░░░░░░░ and pin technology by ░░░░░░░░ beginning of next year ░░░░░░░░ even though I m ░░░░░░░░ action today without Congress ░░░░░░░░ needs to do its ░░░░░░░░ as well Today data ░░░░░░░░ are handled by dozens ░░░░░░░░ separate state laws and ░░░░░░░░ s time to have ░░░░░░░░ clear national standard that ░░░░░░░░ certainty to businesses and ░░░░░░░░ consumers safe.”