As reported by CBS News, President Obama recently signed an executive order intended to enhance protections against identity theft. According to the article, one aspect of the initiative is “to expedite the transition away from debit and credit cards with magnetic strips, a dated technology that's more vulnerable to intrusion, and toward cards with microchips and PIN numbers, which are considered more secure.”
The order requires cards issued by the federal government to use the newer technology starting next year.
The initiative will include upgrades to payment terminals at government facilities such as national parks, so they can accept cards that use the more secure technology. The article notes that “a number of large retailers like Wal-Mart and Home Depot have agreed to follow suit.”
Among other things, the order requires certain actions aimed at reducing the time consumers spend dealing with the consequences of an identify theft incident, including enhancements to the IdentityTheft.gov website.
