Obama Announces New Technology To Fight Credit Fraud

Obama Announces Measures Against Identity Theft, Fraud (Nasdaq)

The U.S. government on Friday said it plans to include increased security protections for credit and debit cards issued to distribute federal benefits such as Social Security and given to federal employees to cover work expenses.

President Barack Obama made the announcement at the Consumer Financial Protection Bureau. The government's move, designed to encourage tighter security over Americans' financial data after several high-profile data breaches, comes as the private sector is shifting to cards containing a security chip that is supposed to make credit and debit cards less susceptible to fraud.