While most Americans anticipate President Barack Obama to announce an executive order for immigration reform, he instead announced action to address government credit card security.

The executive order, titled "Improving the Security of Consumer Financial Transactions," aimed to improve expenditures with the government -- which may range from credit, debit and other payment cards -- by having executive departments and agencies to use "enhanced security features" that includes "chip-and-PIN technology."

The executive order noted the secretary of the Department of Treasury should be tasked to ensure the agencies have the improved security features by Jan. 1, 2015. The Treasury Department should also develop a plan by Jan. 1, 2015, for agencies to install software with enhanced security features.

According to the White House, retail stores, notably those impacted by security breaches, will also implement the secure chip and PIN-compatible terminals in all their stores. The retail stores include Home Depot, Target, Walgreens and Wal-Mart. Obama's executive order also seeks to help identity theft victims such as those affected by fraud at the aforementioned retailers. American Express and MasterCard have also pledged to reform its security measures. The executive order tasked the U.S. attorney general and the secretary of Homeland Security to publish guidelines on how to address identity theft. Identity thefts victims will also encounter a streamlined reporting and remediation process with credit bureaus by visiting the Federal Trade Commission's IdentityTheft.gov

"Last year, millions of Americans became victims of identity theft," Obama said during a speech at the Consumer Financial Protection Bureau. "Millions were victims of this kind of fraud. More than 100 million Americans had information that was compromised in data breaches in some of our largest companies. And identity theft is now America's fastest-growing crime."

At the CFPB event, Obama noted the United Kingdom implemented the chip-and-pin system and has since seen identity fraud reduced by 70 percent. Although he signed the executive order, Obama said Congress needs to do its part. Obama acknowledged that many state-level laws have handled the data breaches, but Congress should work on "one clear national standard" to keep businesses and consumers safe.

Obama then spoke of a situation involving his credit card while he was in New York City for the United Nations General Assembly in late September. While in a restaurant, Obama's credit card was denied.

"It turned out I guess I don't use it enough," Obama said. "So they thought there was some fraud going on. Fortunately, Michelle had hers. And I was trying to explain to the waitress, no, I really think that I've been paying my bills. Even I'm affected by this."

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