Obama's emphasis on cybersecurity, along with recent high-profile cyberattacks, have "put data protection front and center on the national stage — which is a good thing for payment security," Orfei said by email.
Orfei expects that EMV [Europay, MasterCard and Visa] chip technology for payment cards will be featured at the summit "for good reason," he said. "It will button down security at the point of sale."
But EMV chip, or chip-and-PIN, adoption will push hackers to attack other types of sales, including online transactions where the credit card isn't physically present, he said. "We know that no single technology can keep us completely safe," he said.
The U.S. also needs to push basic security controls, such as daily log monitoring and strong passwords, because it's "disturbing" how often those basic controls aren't being used, he said.
Meanwhile, the National Retail Federation, a trade group, called on Obama to push payment card vendors to adopt chip-and-PIN technology. The U.S. government should also provide fraud protection for debit cards, like it does for credit cards, and it should encourage point-to-point encryption across the U.S. payment system, the trade group said in a letter to Obama.
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