President Barack Obama signed a new Executive Order that directs the US government to safeguard sensitive data and transactions made by people with various agencies. The BuySecure Initiative will offer consumers with more tools to keep their financial future safe by providing assistance to victims of identity theft, utilization of better security technologies, develop next generation payment security tools, and improve the government’s payment security as bought provider and customer.
President Obama gave a statement at the Consumer Financial Protection Bureau that highlighted the steps made by his administration, as well as the private sector in improving security.
More than 100 million Americans are victimized by data breaches over the past year and millions continue to suffer due to credit card fraud and crimes related to identity. He said that there is a need to secure technologies to have more secure transactions and keep sensitive data safe.
The US president signed an Executive Order to implement safer security measures that includes securing debit, credit, and other modes of payment with microchips to replace magnetic strips and PINs. He wants all stakeholders to join the government’s initiative, along with major corporations in driving the economy towards securing consumer finances and at the same time decrease the chances of being victimized by identity theft, which is the fastest growing crime in the United States.
President Obama announced the holding of the White House Summit on Cybersecurity and Consumer Protection that will be held later this year. The summit is designed to promote innovation and partnership. The summit will gather all major stakeholders on consumer financial protection issues in order to hold discussions on how all stakeholders can help protect consumers and their financial data. The president also called on Congress to enact the cybersecurity legislation that will protect all Americans.