Yes, we are more than 5 years behind technology when it comes to credit cards security. The magnetic stripe cards we use here are not even used in the third world anymore.
Why now for the U.S.
I guess it is because it can now be more costly to do nothing and have the full faith of your name sent to oblivion than to invest in the current technology.
It’s all been about profits (and less jobs).
It reminds me of how out of control no regulation and De-regulation can be to it’s citizenry. Does anyone have a clue to how many lives have been destroyed by a lack of attention to this problem.
Only thanks to the high cost of fixing themselves after the fact do they react. But it must be said they are not making changes with the consumer in mind. It is obvious that they could care less for the consumer the last 5 years.
It’s a wonder that they could not fix that years ago when they were changing folks 29 – 34% interest rate on balances. Profits up and costs held down and no jobs created.
It will take the industry a good year and a half to do this long awaited upgrade. By then the hackers will be ready for the new tech. Feel any safer ?
There should be minor security upgrades to the system every 3 years. Don’t hold your breath for that to happen.
I do wonder if this kind of thing is going on in the pharmaceuticals industry and if so how many folks must die before action. Same with Food.
Why are we so behind the rest of the world in so many areas?
Cell phone service and carrier choices are the lowest in any industrialized country. Of course I would blame that lower level of service on not having any choices. Same with the fact we pay more for that lower level service than anyone else. I’m just waiting for someone to blame that on the high minimum wage.