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5/12/2016
08:45 AM
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Walmart Sues Visa Over New Debit Card Rules

Forced to accept unsecure signatures instead of PIN with new chip-enabled cards, says retail giant.

Retail giant Walmart has filed a lawsuit against Visa over debit card rules. Walmart is arguing that the new chip-enabled Visa debit cards require customers in its US stores to provide a signature instead of entering a PIN, a step that makes transactions risk-prone and less secure.

In the lawsuit filed in a New York court, Walmart said that PIN verification is “the only truly secure form of verification” today and can help thwart fraud. It objected to being forced by Visa to accept signatures and alleges that the financial services company stands to gain monetarily when processing signature transactions.

Visa's "position creates unacceptable risk to customers and its actions and rules are inconsistent with federal law," Walmart said in its filing.

Read more on this at NBC News.

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