Posted by 101livescan on 12/20/13 8:47am
Msg #496722

How credit card companies perpetuate identity theft

http://www.keyt.com/news/money/Why-credit-hacks-will-keep-happening/-/17671998/23577934/-/geuamm/-/index.html

This is amazing to me, that we are so backward in this country in the protection of consumers' private information.

And this is why it will keep happening until the credit card companies improve the technology.

Reply by sigtogo/OR on 12/20/13 2:53pm
Msg #496754

additional perspective

That's the wrong question to ask, says Ross Anderson, who has worked on payment technology for almost 30 years and is a professor of security engineering at the University of Cambridge. "Simply blocking off one of the avenues of attacks by fraudsters isn't enough to make fraud vanish," he says."
http://www.npr.org/blogs/alltechconsidered/2013/12/19/255558139/outdated-magnetic-strips-how-u-s-credit-card-security-lags

a responder posted the following. don't know if its true but interesting question and valid point if so:
"The credit card company makes the same profit on the fraud charges. They shouldn't, and they would fix the security issue in a week"