JPMorgan Chase & Co. will now issue its Europay MasterCard Visa credit cards as PIN and Chip cards, having previously issued the cards only as chip-and-signature, a decision the National Retail Federation (NRF) cheered as necessary for the safety of consumers and businesses alike.
'Uniform Use' Urged
“Use of a PIN is absolutely essential to providing merchants and their customers with the full extent of protection available from chip-based cards,” explained Matthew Shay, president and CEO of Washington, D.C.-based NRF. “The chip authenticates that a card isn’t a counterfeit, but it’s the PIN that ensures the card is being used by its actual owner and not a thief scrawling an illegible signature. Chip-and-signature cards just don’t offer the level of protection needed to help stop criminal hackers from making money off payment card data. NRF has encouraged uniform use of PIN and Chip for years, and urged Chase in recent meetings to make full use of the double layer of protection these cards offer.”
Expressing the hope that Chase would issue all of its new cards as PIN and Chip, Shay added, “The networks and issuing banks should follow their lead and do the same.”
NRF is currently involved in a comprehensive cross-industry effort to stem payments-related cybercrime.