Data Security and Credit Card Transactions

SOURCE www.breitbart.com
The Electronic Payments Coalition discusses the importance of secure payment processing networks provided by banks and card companies, warning against proposed legislation that could compromise data security and credit card reward programs.

Key Points

  • Secure payment processing networks provided by banks and card companies
  • Proposed legislation could impact data security and credit card reward programs
  • Financial institutions invest in data security to protect customers

Pros

  • Banks and card companies invest heavily in safeguarding transactions
  • Global financial systems enable secure electronic payments
  • Financial institutions understand the importance of data security

Cons

  • Proposed legislation could compromise data security
  • Risk of data breaches if routing decisions move to corporate retailers
  • Threat to credit card reward programs, especially for low-to-moderate-income Americans