President Obama has launched an initiative through an executive order called "Buy Secure" to help motivate companies to implement safer payment methods.
"Starting next year, we're going to begin making sure that credit cards and credit-card readers issued by the United States government come equipped with two new layers of protection: a microchip in the card that's harder for thieves to clone than a magnetic strip, and a pin number you enter into the reader just as you do with an ATM," Obama said in a speech at the CFPB Friday.
"We know this technology works. When Britain switched to a chip-and-pin system, they cut fraud in stores by 70%," he noted.
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