Gunther’s credit card legislation
February 12, 2014 —
ALBANY, NY — Assemblywoman Aileen Gunther has introduced legislation requiring credit card service companies to issue cards in New York containing “Smart Chip” technology to protect against hacking and fraud.
“It seems like every day we hear about thousands of Americans whose privacy and banking information has been compromised by hackers,” said Assemblywoman Gunther. “This is not only inconvenient, but extremely dangerous.”
The current magnetic stripe found on most credit cards is technology that has been around since the 1960s and is vulnerable to security breaches. “Technology has advanced by leaps and bounds since the 1960s, but credit cards in the U.S. are still generations behind,” continued Assemblywoman Gunther.
More than 80 other countries use “Smart Chip” technology, which requires “chip and pin” or “chip and signature” for purchases.
“There is no excuse to put consumers at unnecessary risk when technology is available to protect them,” said Gunther.