Bankers And Retailers Trade Barbs Over Data-Breach

Appearing before the Senate Banking, Housing and Urban Affairs Committee, spokesmen from the American Bankers Association and the National Retail Federation had different views about which sector had the worst security and different ways of calculating who, as the  result of fraud, is taking the biggest hit. “Make those responsible for data breaches responsible for their costs,” said the representative from the ABA. “Banks bear the majority of costs associated with the fraud caused by breaches even though our industry is responsible for only a small percentage of the breaches that have occurred since 2005.” The general counsel of the NRF, however,  maintained that even though there are lot more retail targets, more data breaches occur at banks.They agreed, though, on the broad outlines of  a solution: “chip-and-PIN” transactions and a national standard for card security.