Retailers at an industry confab here said that the retail and banking industries must reform their current payment practices to improve the security of customers’ information and avoid the type of data breaches recently experienced by Target Corp., TGT -0.92% and The Neiman Marcus Group Inc. Some expressed enthusiasm for a card security standard found in other countries, but not yet popular in the U.S.–smart cards equipped with chips and PIN numbers to protect data and reduce fraud..
“We’re all generally excited about chip and PIN and how that will potentially lower our overall loss as an industry,” said Carter’s Inc.CRI -0.76% CIO Janet Sherlock, who spoke on a panel Monday at the National Retail Federation’s Big Show. “We do all agree that there does need to be reform, not just in the banking industry but in some of the practices we follow.”
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