President Obama signed an Executive Order today to Improve the Security of Consumer Financial Transactions. The Order will require enhanced security features for government financial transactions, including chip-and-PIN technology which has greatly reduced financial fraud and identity crimes in Europe. The Executive Order states that "the Government must further strengthen the security of consumer data and encourage the adoption of enhanced safeguards nationwide in a manner that protects privacy and confidentiality..." The White House also announced a series of measures to safeguard consumer financial security, including more secure payment systems, efforts to reduce identity theft and support "algorithmic transparency." EPIC has endorsed many of these proposals. The White House also announced a summit on cybersecurity and consumer protection. For more information, see EPIC: "Cybersecurity and Data Protection in the Financial Sector" (House 2011), EPIC: "Cybersecurity and Data Protection in the Financial Sector" (Senate 2011), and EPIC: Identity Theft.
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