Dive Brief:

• President Barack Obama increased credit card security measures via an executive order Friday, requiring EMV or “chip-and-PIN” security for federal government credit and debt cards beginning in January and bolstering law enforcement actions around possibly comprised data.

• The president noted that private sector companies are making similar efforts, and urged more widespread adoption of heightened security for payment systems in the United States.

• Obama signed the order at the Consumer Financial Protection Bureau, where he told a story of having his credit card declined just recently at fancy New York City restaurant Estela. His bank canceled the card after suspected fraudulent activity. First lady Michelle Obama saved the day with her own, working, credit card. 

Dive Insight:

President Obama Friday said that the very thought of cyber-criminals easily wracking up thousands of dollars in credit card charges is “infuriating”. And while his own recent experience with credit-card troubles amused many, it also served to illustrate how terribly widespread the problems of payment hacks and inadequate data protection are in this country, for retailers as well as for consumers.