A group of retail groups and two ATM networks are launching a coalition that they said will combat credit and debit card fraud and also improve secure payments systems that lag behind those of the rest of the world.
The National Retail Federation said in a news release that the coalition, called the Secure Payments Partnership, will focus on incorporating emerging technologies within the payments industry, including mobile payments, facial recognition and fingerprints as well as IP verification.
"The payments system has to keep pace with rapidly evolving technology and the needs of consumers and commerce," NRF Senior Vice President and General Counsel Stephanie Martz said. "The U.S. payments infrastructure should be the strongest, most innovative and most secure in the world, but we won't get there unless we change the way we make security decisions."
Other retail groups that make up the coalition include the National Grocers Association, the Food Marketing Institute and the National Association of Convenience Stores. Financial services and payments processors Shazam network and First Data's Star Network are also part of the group, which will emphasize user authentication, payment security innovation and network routing competition.
Retail accounts for 4.8% of data breach incidents, according to Verizon, notably those involving Target Corp. and Home Depot Inc. in recent years.
The NRF came out against a draft bill introduced in March in the U.S. House of Representatives that would enact a national data breach security law, saying it did not go far enough to protect consumers and could do more harm than good.
Ten retail and industry groups sent a letter in September 2017 to congressional leaders calling for the creation of a single law to replace the 52 individual breach laws currently in the U.S.
