NRF: Minimum wage hike would bring ‘minimum opportunities’
Washington, D.C. — President Obama in his State of the Union address last night said he plans to sign an executive order increasing the federal minimum wage from $7.25 to $10.10 per hour for workers on new government contracts and asked Congress to approve the same increase for all workers — and the National Retail Federation is not happy.
NRF president and CEO Matthew Shay issued a response ahead of the president’s address.
“If you want to create minimum opportunities, then raise the minimum wage. We welcome the president’s focus on the economy and jobs, but a minimum wage hike runs counter to that goal. Raising the minimum wage would place a new burden on employers at a time when national policy should be focused on removing barriers to job creation, not creating new regulations or mandates. It’s simple math — if the cost of hiring goes up, hiring goes down.”
According to Shay, fewer than 5% of hourly workers are paid the minimum wage. The NRF believes that it’s really a starting wage allowing teenagers or others with little job experience to enter the workforce.
“A mandated hike in labor costs would negatively impact businesses that employ people in entry-level jobs and ultimately hurt the people it is intended to help. This isn’t economic theory — when the minimum wage went up in 2009, half a million part-time workers lost their jobs. That’s a risk our economy can’t afford to take,” Shay added.
U.S. attorney general confirms probe of Target breach
New York — Testifying Wednesday before the Senate Judiciary Committee, U.S. Attorney General Eric Holder confirmed that the Justice Department is investigating the consumer data breach at Target Corp.
"While we generally do not discuss specific matters under investigation, I can confirm the Department is investigating the breach involving the U.S. retailer, Target," Holder said in his statement to senators,.”
Holder said the department is committed not only to finding the perpetrators of these sorts of data breaches, but also “any individuals and groups who exploit that data via credit card fraud.”
Security provider Feedzai enters U.S. market
San Mateo, Calif. – Feedzai, a data science company that uses real-time, machine-based learning to prevent fraud, it is now available in the U.S. market. With its foray into the U.S. market, Feedzai will begin selling to payment networks, banks and retailers to prevent fraud in omnichannel commerce.
Feedzai technology fuses machine learning and lets analysts predict and prevent electronic payment loss in real time based on behavioral analysis and understanding of the way consumers behave when they make purchases, online or in-store. The software uses massive data, including mobile and social data streams, to create deep learning profiles for each customer, merchant, location or POS device, with up to a three-year history of data behind it. This data helps acquirers, issuers and retailers mitigate risk, guard every transaction and preserve the customer experience.
“As the 2013 retail season just closed, the discussion of fraud in omni-channel commerce bubbled to the surface due to a number of data breaches,” said Nuno Sebastiao, CEO of Feedzai. “Consumers are buying across physical and digital channels and it is important for fraud prevention systems to work across all technologies, from legacy systems to new mobile card readers. Online sales are still hovering around 6% of all retail sales, and recent events have shown that fraud is not just an online problem. Our software has the ability to analyze data from any platform to detect breaches by as much as ten days earlier than other solutions and expose more fraud cases, all with lower false alarms.”