ACCA USA Statement on President Obama’s Executive Order to Enhance Cybersecurity

Warner Johnston, Head of ACCA USA, issued the following statement today after President Obama signed an executive order strengthening security measures for federal credit cards.

“ACCA USA fully supports President Obama’s crucial step in the war against cybercrime. The United States unfortunately has been woefully behind other nations in implementing measures to tighten our cybersecurity.

For half a century, U.S. consumers have been accustomed to swiping and signing when making credit card purchases. But the U.S. is the last major market in the world to embrace the transition to PIN-and-signature (or chip) technology.

While some institutions recently have shifted to the new chips, progress has been at snail’s pace. If the recent breaches at Home Depot, Michael’s and Target were insufficient to raise hackles, one would at least surmise that the attack on JPMorgan Chase would at least motivate all of our legislative leaders to act.

We are heartened to hear our President urge banks and retailers to follow his action to improve measures for federal credit and debit cards by equipping them with microchips and PIN numbers.

Until this transition takes place, it appears that the odds are not in any consumer’s favor in the U.S. As larger household brands and major banking institutions routinely come under attack, the risk of being victimized is greater than ever. The transition to chip-and-signature boils down to cold cash and common sense.”

ACCA USA holds an annual cybersecurity conference at Pace University and earlier this year issued a report detailing one how skimmer fraud has proliferated across the globe, ripping off consumers everywhere from the gas pump to the ATM.

About ACCA (Association of Chartered Certified Accountants): ACCA is the global body for professional accountants with 162,000 members and 428,000 students in 173 countries worldwide. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. We work through a network of 89 offices and centers and more than 8,400 Approved Employers worldwide, who provide high standards of employee learning and development. www.accaglobal.com