Executive Order—Improving the Security of Consumer Financial Transactions

This is a 2014 executive order by the President of the United States that is part of the BuySecure Initiative intended to protect consumers’ financial security. It is a regulatory solution or government response to the increasing prevalence of cyber security threats. The threat of identity theft not only harms basic consumption activities, it also harms the economic productivity of the nation. President Barack Obama has therefore proposed a series of payment security tools such as Chip and PIN technologies in credit, debit, and other payment cards. New cards will contain embedded microchips instead of magnetic strips, and face-to-face transactions will require consumers to type their personal identification number.