President Obama Takes on Payment Security With BuySecure Initiative

President Obama on Friday unveiled a series of steps aimed at improving the security of credit and debit card payments, including a pledge to shift government transactions over to the PIN-and-chip system and commitments from major retailers and credit card providers. In announcing the BuySecure initiative, Obama signed an executive order directing federal agencies to phase out magnetic strip credit and debit cards issued by the government, and to implement readers for the more secure PIN-and-chip cards in government retail locations such as national parks.