A what happens then . Who is listening to them . I have an acronym for a name. The island nations, there are quite a few of them. Lobby every year and have gotten upset of people to listen to them at the United Nations anymore. Theyre going to pose not only basic justice problems but also a huge immigration problem. Whos going to take them . Where are they going to go . Do we care . Should we . That too many politicians i dont think theyre going to raise this issue. Its not local. Its not really national and its not something people really want to hear, but among those were out there that this man is by going to raise while he is here. Thats a long laundry list but they are correct. In covering his visit, theres so much to do for reporters and publications. This pope seems becoming the entire waterfront of issues, dovetails of whats going on capitol hill and whats going on on the president ial campaign trail. Like all good politicians, popes are polled, and this pope comes to the United States are welcome to the United States at a time when his poll numbers have actually dropped. Gallup had him dropping in a survey last month from 76 to about 59 , which was where he was the time he was elected pope. Still popular but just taking a little bit of a hit. Ironically that it, most of it comes from conservatives. He dropped from 72 i believe to 45 . One could argue that this decline is probably based on his encyclical and the bit about his message about poverty. So it will be interesting to see how his message place out of my president ial candidates and how plays out among some members of congress. There were some members of congress who were not pleased about the popes role as a facilitator in the discussions with cuba. A good number of our members of our florida delegation members including senator and president ial candidate marco rubio were not thrilled about the popes role in fact, and made that known. That said, he will be warmly greeted by these members of congress. They are looking forward to having it up on capitol hill. As i mentioned earlier, there will be fights to see who sits closest to the al to shake the popepopes hand when it comes dn the aisle. At this intersection of his message and whats going on in washington on the president ial campaign trail cant be underestimated speed is live now to capitol hill for discussion about the security of credit cards. Id like to welcome you to our program and thank you for being here to take part in this discussion today regarding an important consumer issue. Protect my data is a Consumer Education campaign on credit card security. We are joined today by our distinguished white house guest speaker, followed by a panel of leading industry and consumer issue experts to discuss this issue. After a brief opening remarks and our discussion will open this up to answer any questions you all may have. We are here today to explore the steps retailers and Financial Institutions are taking to secure credit and debit Card Transactions. The differences between chip and p. I. N. Technologies compared to chip equipped cards thank you chip cards with the signature requirements and to provide a brief overview of what the white house is doing to protect American Consumers from credit card fraud and Identity Theft. After what seems like an unthinking occurrence of cyberattacks at Government Agencies, Financial Institutions, retailers, Health Care Companies and even in the Entertainment Industry in recent years, hundreds and the American Consumers have had their personal and Financial Data stolen and their confidence shaken. Given these recent data breaches, its no surprise that Data Security is at the forefront of many consumers minds. Congress is trying to work in a bipartisan manner on efforts to improve public and private cybersecurity measures but less attention has been paid the issue of improving Payment Security measures. And while we certainly need more robust cybersecurity measures to protect sensitive Financial Data, we also need frontline measures that will stop criminals who try to use stolen banking and credit card information. The most common credit cards like the ones you have and happily been using date back to the 1970s. They use a magnetic strip on the back of the card which houses our Financial Information along with a signature for authentication. But as we all know, thieves have all but mastered the ability to exploit the weaknesses of existing credit cards. Whats more, they can just stolen Financial Information to exploit the weaknesses of existing credit cards. Whats more, the use that Financial Data to create counterfeit cards to run of fraudulent transactions and still come consumers accounts. To help combat fraud, and many card issuers and Financial Institutions in the United States have begun deploying new microchip equipped cards, also known as emv cards that are encrypted. Some of you already have started to receive these new chip cards. However, most of these cards still rely on a signature as a secondary form of verification. Feature that unfortunately can still be easily forged. Instead, chip enabled cards could offer greater protection for consumers by coupling them with the requirement that consumers enter a personal identification number, a p. I. N. , to profit authorized the transaction instead of a signature. The p. I. N. Requirement at the distinct layer of security to each transaction that has been proven to reduce fraud. Our panel of experts here today will discuss these issues in more detail. The evidence of chip and p. I. N. Benefits and hide and seek to protect were highlighted in president obamas executive order issued last october, and its with great pleasure that i welcome our first guest speaker today, to tell us more about the administrations actions. Doctor Marisa Porges is the Senior Policy Adviser at the National Economic council and is the lead for the president s secure initiative. She has a very impressive background in International Terrorist and also served our country as a flight officer in the u. S. Navy. So please join me in welcoming our first speaker to present today, dr. Porges. [applause] thank you, debra. Thanks everyone for being here today. Im really excited to get a chance to talk to the group and join my fellow panelists for a conversation about Consumer Financial protection and looking at it through the cybersecurity live. Im particularly et cetera to see some faces ive worked with the names ive worked with in the past but also new people coming to the table for this conversation. Because as i will describe and as i think our conversation will demonstrate, this isnt about hope of government approach, not even about all of industry. Is really about the whole event the approach, including folks here who are representing their members of congress including our consumers in the conversation, and the fact to help demonstrate why this is really about including everyone in the conversation is looking back at our data reports rather than report the data breaches. If we think back to the 20072011 timeframe, we often mostly thought of the business sector as being the target. And, in fact, for the period of over 34 of the data breaches reported were targeting businesses, retail entity, the payment processors. If you look just at this year, even until the end of july weve seen the medical Health Care Industry coming under one report of data breaches. Second time in the course into the government and the military. Weve seen this year will likely surpass that last year which in of itself was to set an unfortunate standard for how many data breach instances that American Consumers were facing. So with the answer to understand that its really about everyone playing a part im going to talk about Consumer Financial protection through the lens of the white house and look at it in three main areas. First and foremost what we are doing from the perspective of the federal government to ensure the federal government is better protecting American Consumers. Second, how we are making sure the private sector is positioned for success on this front. And last but not least, to talk briefly from a Strategic Perspective how we think of Consumer Financial protection within a broader landscape of cybersecurity and how we should sort think of things and not just in the next day, the next over the next decade with questions, concerns should we consider . I wont dive right in to looking at it through the government lands, what were doing to enhance american Consumer Financial protection. Out the back to what debra mentioned moments ago, the executive order signed by president obama in october of last year which launched the by secure initiative. By secure has become a keystone in the federal effort to lead the way to protecting American Consumer transactions. And during that announcement and nurses would working to transition federal agencies to ensure that were using enhanced security Payment Technology with all our retail payments. What does this mean . It means the two lead agencies who work with card issuers to issue cards on behalf of the u. S. Government, the General Services administration, gsa, and treasury, have begun actively aggressively issuing cards that have the chip, that havent Emv Technology that are chip and p. I. N. Enable. And im excited to report that we got there respecting yesterday for the month of july and it means that gsa working with the pain in his has issued over 1 million new emv chip and p. I. N. Enabled cards, to federal government workers so they can use them when they travel, making payments. This is an effort to drive and lead the way for a work pashtun we are protecting our transaction. Treasury have started issuing 10,000 new cars at that is part of a phased approach to introduce Emv Technology recipients of federal benefits to have a direct express debit card to we are really looking at all sight of the system on the phone but also even though the past emv how were using other secure enhanced payment features. Things like online payment, paypal, card not present. So you may have seen in february treasury announced that if you pay, paying bills to permit agencies online, things like the court fees, things like payments to your sba loans coming of multiple Payment Options to include paypal and douala. Were looking at allpayer system to how we can secure our payment transaction. Of course her to think of it on the receiving end and you may have, you may have noticed their payment terminals have been upgraded to include enhanced security features, the ability to use chip in and get something we are doing across the agencies and weve seen 19 federal agencies currently upgrading their terminal. Its not just what we put out the pi. Its how were receiving the american customer consumer for any federal payment transaction. And i can talk more about this number of other things in terms of tools were giving feedback and consumer but it gives you a taste for what buy secure isnt the commission how we can better protect American Consumers and financial transactions. I will turn briefly to that we were looking to help the private sector because again its not just a whole of government approach. Its a whole of government, industry, consumer, congressman, everyone approach. This is a challenge that industry and government must tackle together. Suffice it to say our Computer Networks and systems that consumers do with every single day are mostly held by the private sector. On the other hand, government oftentimes has the latest and greatest intelligence and information to help the private sector market threats and respond most effectively and quickly. Its only by marrying those two groups up in making sure the partner and work collaboratively together that weekend ensure consumers are better protected. What does this mean . It happens on a multiple front. Again first and foremost its about positioning the private sector to lead and effectively lead on this issue. Hopefully a number of you saw or heard about hopefully attended systems in california in midfebruary the cybersecurity and Consumer Financial protection summit held in september, rather held in stanford in midfebruary and it was an exciting event, not just because of the good weather and not just because of the 24 plus senior leaders, ceos and other executives from the Tech Industry from consumer advocacy groups, retail, health care, others. But it was about what happened that day and, of course, commitment that those Companies Made coming out of the summit. That day we had over two Dozen Companies make a major commitment to improve their cybersecurity efforts, to be more to give consumers a tool that they could use to protect their identity, he managed to risks better, and it is more enhanced security payment features. So did and what does this look like . This looks like announcement by qvc, walgreens, u. S. Bank, pacific gas and electric, and others to start using cybersecurity, to better protect information that failed on behalf of the American Consumer. It looks like visa announcing a more aggressive timeline for tokenization, mastercard announcing millions to introduce new safety procedures and features. American express introducing enhanced Security Technology in the form of mobile factor authentication. And entities like nation star who are now offering free Credit Scores on a regular basis to the consumer. Again, tools we can all be using the mark of Identity Theft and Quick Response in the incidence of a malicious attack or incident. But what else are we doing . The other menacing thing that came out of the summit is how we are collaborating more ever since. One thing that came out of the dialogue was that oftentimes individuals are actor inspect sector specific engagement is most effective. That looks like efforts like specific agencies addressing the sectors they work with to simulate cyber incidents, talk to the responses and identified key challenge is moving forward so they can better were effectively respond in the future. Specific of one good example for the group is a treasury. Treasury has run multiple tabletop exercises public and private exercises that they can simulate what happens a malicious attack, a cyber incident and determine how best to respond so that we in government can help the private sector most quickly and effectively protect the American Consumer. And again a key part of that as always is information sharing. Now, a as a third lane to stupid to consider consider how this all fits into broader cybersecurity efforts, cybersecurity, Consumer Financial protection board often two sides of the same coin. Weve seen the cybersecurity thread continued to evolve over the past few years. And like was our response continue to evolve. So, too, are Consumer Financial protection responses must continue and what does this look like . This looks like conversations about legislation, conversations about including stakeholders in the conversation, conversations about how consumers and the American Public to consider their identity moving forward in the next decade and what Identity Management looks like. To dive into a few of those a little more, on the legislation front. I would be remiss not to mention it, specifically since 2014 was such a really good year for us when you look at Congress Passing cybersecurity rated legislation, specific legislation that addresses, that improves have a federal government protects its own networks and positions the federal government to engage in cyprus could emissions moving forward. But we are all well aware that there is still new legislation proposed after which will address specific Consumer Protection issues. And im referencing legislation proposed by the white house earlier this year that addresses a few key issues including information sharing and data breach notification. And provides additional safeguards to ensure the American Public has its privacy and Civil Liberties protected. And provides for increased information sharing, government entities, between government and private sector. So we are really hoping that the momentum we had in 2014 will Carry Forward through the fall of 2015 and we can have progress on this front. Because it will set a for increased success moving forward