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Technology May Reduce Fraud but Doesn’t Fix Regulatory Confusion

President Barack Obama recently announced the administration’s BuySecure initiative. At a meeting at the Consumer Financial Protection Bureau Oct. 17, the president outlined the program, aimed at increasing the security of sensitive financial information and enhancing protections against fraud and identity theft.

As part of the BuySecure initiative, the president signed an executive order mandating the federal government’s adoption of chip-and-PIN credit and debit cards beginning next year. Chip-and-PIN credit and debit cards are part of a payment system in which cards contain a computer chip and the user must enter a personal identification number when using the card.

This article examines the executive order and the complex regulatory environment that companies are operating in as they work to stay informed about regulatory requirements in the states where they do business.