Retailers Form Partnerships to Protect Your Credit Card Data
Consumers are understandably shaken by the significant number of data breaches that have taken place in some of the country’s top retail chains. Now, retailers are trying to take steps to repair their damaged image.
Today, the Retail Industry Leaders Association (RILA) announced a partnership with the National Cyber-Forensics and Training Alliance (NCFTA) to enhance cyber security information sharing. The move is aimed at enhance the retail industry’s approach to cyber threats and help protect their customers.
This is the second move by RILA, the retail industry’s advocate in Washington DC, to show consumers they are trying to be proactive in enhancing security throughout the payment process. Last week, RILA announced it would be partnering with the Financial Services Roundtable to collaborate and share information between the merchants and the financial services industries.
“Our partnership with NCFTA is one of many information sharing models we are pursuing as part of our multi-solution approach to cybersecurity,” said Lisa LaBruno, senior vice president of retail operations at RILA. “Collaboration among retailers and other stakeholders is essential to detecting threats early on and combatting cyber-criminals.”
Massive data breaches have taken place during the past few months at major chains such as Target, Neiman Marcus and Michaels. A recent study by Javelin Strategy and Research showed that there was a new identity fraud victim nearly every two seconds in the United States. In 2013, there were an estimated 13.1 million victims of identity fraud, up nearly 500,000 from 2012.