Retailers and financial institutions have banded together in the wake of highly public security breaches.
National trade organizations representing merchants and banks said they are establishing a cybersecurity partnership enabling a higher degree of information sharing about payment and data security efforts, the shift to mobile payments and the growing threat of card-not-present fraud. This move should be a win-win because fighting CNP fraud is a complicated problem that takes cooperation to manage.
”We are committed to working together to ensure customer personal and financial information is secure and protected,” said Tim Pawlenty, CEO of Financial Services Roundtable (FSR). Other associations that have signed on to the effort include: the American Bankers Association, the American Hotel & Lodging Association, The Clearing House, the Consumer Bankers Association, the Financial Services Forum, the Food Marketing Institute, the Electronic Transactions Association, Independent Community Bankers of America, the International Council of Shopping Centers, the International Franchise Association, the National Associations of Convenience Stores, the National Grocers Association, the National Restaurant Association and the National Retail Federation.