03 Jul 2014
Some 14 per cent of all debit cards in the US were exposed in financial services and retailer data breaches in 2013, almost triple the portion of breaches in 2012, according to a survey commissioned by the Pulse debit/ATM network company.
“In the wake of several high-profile data breaches, the industry has come together to look for solutions to increase security and advance EMV implementation,” Steve Sievert, Executive Vice President of Marketing and Communications for PULSE, said in a press release. “While PIN debit remains the most secure payment method in the market, this year’s study confirms the industry is reaching a tipping point toward EMV.”
Pulse’s survey found that the event that exposed the most credit cards was the Target breach, with the exposure of cards of some 70 million customers exposed, or close to 10 per cent of all US-issued debit cards.
After Target’s breach, US banks and credit unions may push for the reissue of debit cards with microchips, as the survey discovered the 2013 fraud loss per signature transaction totaled 2.2 cents, compared to just 0.3 cents on PIN-based transactions.
Banks and credit unions that account for 45 per cent of US-based debit card transactions were covered by Pulse’s survey.