US-based the National Retail Federation (NRF) has urged banks, card companies and retailers to work collectively to tackle the fraud-prone payments system, while fulfilling their respective roles to improve security.
NFR senior vice president and general counsel, Mallory Duncan, said when a criminal breach occurs in the payments system, all of the businesses that participate in that system and their shared customers are victimised.
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"Rather than resort to blame and shame, the parties should work together to ensure that the data breach is remedied and steps are taken to prevent and mitigate future breaches," Duncan added.
According to Duncan, retailers do not design the payment system, nor do they configure or issue the cards, but still they take the increasing incidence very seriously to reduce the fraud.
Every party in the payment system, financial institutions, networks, processors, retailers and consumers, have a role to play in reducing fraud, Duncan said.
He has also urged the US Government to look beyond the Payment Card Industry’s (PCI) security standards and proposed EMV cards, and come up with more secure and technologically-advanced payments system.
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