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You may have got the new credit card recently with a chip in it. Consumer advocates from the credit card industry will discuss the implementation of that chip card technology. A group called protect my data is protecting hosting this of that. This is live coverage on a cspan. We expected to start in just a moment. Good afternoon unwelcome. It good afternoon and welcome. Thank you for being here. Thank you for taking part of this conversation today. We will follow up on the event we had last year. That me start again. Anyone missed it, i want to welcome you today to take part in this great conv...

It doesnt make sense to make the American Public stand by and wait for an alternative while they remain susceptible to fraud. Traditional credit and debit cards account for the overwhelming majority of all transactions in the United States today. Credit cards be the preferred method of payment for consumers for years to come. We must ensure we are using every credible means to safeguard those transactions now. That means embracing chips and pins. I would like to try over to camille fisher. She is the policy advisor with the white house economic council. She will speak about what the administra...

Were highlighted in president obamas executive order that required technology for government issued credit cards and in a pride of the old terminals at federal buildings. Others have recognized that security benefits of combining chip cards with pins. In the last two weeks, discover, one of the largest card brands, embraced the willingness to use pins. New york had a consumer alert stating in part that chip cards that require a personal Identification Number could be entered at a pointofsale to make a purchase and they are the most secure. Over the last year, the payment industry has rebutted ...

Played a game with the banks, with the Banks Holding all the cards. Changing the terms, raising Interest Rates, changing the rules of the games. Consumers use plastic for 100,000 transactions a minute. It has produced billions in profits, and nearly a trillion dollars in debt. Americans people simply cannot pay back the level of debt that has grown over the last 30 years. And the credit card industry even played a hand in the economic meltdown. You had consumers refinancing their homes to pay off all their credit cards. Apply now. And then they went back out and filled their credit cards back ...

Played a game with the banks, with the Banks Holding all the cards. Changing the terms, raising Interest Rates, changing the rules of the games. Consumers use plastic for 100,000 transactions a minute. It has produced billions in profits, and nearly a trillion dollars in debt. Americans people simply cannot pay back the level of debt that has grown over the last 30 years. And the credit card industry even played a hand in the economic meltdown. You had consumers refinancing their homes to pay off all their credit cards. Apply now. And then they went back out and filled their credit cards back ...