'Tis the season of goodwill toward all, family meals and traditions, and shopping.
Unfortunately, 'tis also the season of sophisticated criminal rip-offs, like the massive data breach at all 1,797 Target stores in the United States, affecting 40 million credit card users between Nov. 27 and Dec. 15. The thieves got customer names, credit and debit card numbers, as well as card expiration dates and the three-digit security codes.
The rest of the world has migrated to more secure embedded microchip-based cards. The United States should, too.
The Target incident, which hurt business in the crucial shopping weekend before Christmas, should make the change come sooner rather than later. Credit card fraud costs are heading toward the $10 billion mark.
Europe, Asia, Latin America and our neighbors, Canada and Mexico, already have adopted chip cards. They are the international standard for payment cards. More than 1.5 billion chip cards have been issued globally and more than three-quarters of payment terminals outside the United States accept chip cards.
Great news.
No comments:
Post a Comment