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Chase's tweet backing PIN credit cards was a mistake, bank says

Matt Hamblen | Oct. 23, 2015
Bank has no plans to back chip-and-PIN credit cards.

On Thursday, ABA CEO Frank Keating, in an emailed statement, called PIN a "static technology that only addresses a small and steadily declining share of fraud." The declining share of fraud he referred to is from loss and theft of a card, whereas the bigger concern is fraud against merchant computer systems.

"The high profile retail data breaches that compromised millions of Americans card accounts weren't caused by petty thieves snatching cards out of wallets — they were caused by criminals exploiting gaps in retailers' systems," Keating said. "The financial services community is hard at work on innovative future technologies like tokenization, encryption and biometrics, while the retail lobby remains fixated on … PIN."

 

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