The majority of U.S. consumers – 62 percent – believe new credit cards being issued by banks don’t go far enough to protect card data or prevent fraud, according to a new survey released by the National Retail Federation (NRF), which represents chain restaurants, among other retailers.
“Consumers are worried that chip-and-signature cards really amount to chip-and-chance,” NRF Senior Vice President for Government Relations Mallory Duncan said. “The chip cards are a step forward but shoppers are concerned that they don’t go nearly far enough. Unless the new cards require the use of a PIN, they will only provide half the safeguards needed to stop increasingly sophisticated criminals. The card industry’s refusal to give consumers the full protection they want continues to be a huge disappointment.”
Among those surveyed, 62 percent said they prefer chip-and-PIN cards over cards that just use chip and signature, and 63 percent said chip-and-PIN cards provide more data security than those that don’t. Among Millennials, the preference for PIN was even stronger, at 71 percent of those between the ages of 18 and 24 and 66 percent for those ages 25-34.