News from the Wire

ETA addresses CFPB consumer data order

Thursday, October 21, 2021 — 12:28:54 (EDT)

WASHINGTON — Oct. 21, 2021 — The Electronic Transactions Association (ETA) today issued the following statement:

As the trade association that represents the breadth of the digital transactions industry, ETA and its members are deeply committed to protecting consumer data and digital transactions.

“One of the hallmarks of the digital transactions industry is protection of consumer data,” said ETA CEO Jodie Kelley. “From encryption to tokenization, we devote enormous resources to keeping digital transactions secure.”

“Part of keeping consumer data safe is protecting against fraud. The digital transactions industry works constantly to detect and address fraud. The industry uses aggregated data, artificial intelligence, and predictive analytics to analyze digital transactions, looking for systemwide transactional changes as part of its global fraud detection efforts.”

“The digital transactions industry has a good story to tell about its efforts to protect consumer data. We look forward to working with Director Chopra and the CFPB on this important effort,” said Kelley.

About ETA

The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $22.5 trillion annually in purchases worldwide and deploying payments innovation to merchants and consumers. For more information, visit electran.org.

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Source: Company press release.