Many fingers pointed at Target after the retailer suffered a massive data breach during the holidays, but preventing the next cyber attack is beyond the scope of any single company, according to testimony retail representatives shared with lawmakers on Monday.
The malicious attack on Target which resulted in a massive data breach has spawned a “we’re all in this together” attitude among the nation’s retailers with the National Retail Federation spearheading the charge for common sense consumer protection measures.
The National Retail Federation has issued a statement from SVP and general counsel Mallory Duncan on U.S. District Judge Richard Leon’s decision regarding swipe fee reforms. The judge found that the Federal Reserve misapplied Congress’ intent when it implemented the required reforms.
The National Retail Federation is hoping to dispel fears that merchants are expected to surcharge customers for using a credit card as theoretically allowed under a controversial proposed lawsuit settlement with Visa and MasterCard being debated in the courts.
Reduced fees for debit card transactions go into effect on Monday and the architect of the authorizing legislation, Senator Dick Durbin from Illinois, was feeling a lot of love from a retail industry that's convinced ample justification remains for even deeper fee reductions.