By Ramsey Cox
Sens. Dick Durbin (D-Ill.) and Al Franken (D-Minn.) asked the Federal Reserve to do more to prevent credit card fraud.
On Wednesday, the senators sent Federal Reserve Chairwoman Janet Yellen a letter asking her to work with them to improve the way credit card issuers and merchants protect consumers from fraud.
Their letter came as recent reports revealed credit card security breaches at major retailers, such as Target, during the holidays. Since then lawmakers have been demanding more protections for consumers.
“While these breaches reveal security problems that extend beyond the payment system, fraud-prone U.S. payment card technology is a key vulnerability that must be addressed,” the letter stated. “Protecting American consumers from fraud is vital to the integrity of our payment system.”
The senators asked Yellen to respond to a list of questions — such as how many debt card issues are using effecting fraud prevention programs — by March 12.