[net-gold] CONSUMER AND INTERNET FRAUD HOAXES AND SCAMS : RETAIL STORES : BUSINESS: CORPORATIONS: NAMED CORPORATIONS: TARGET : CREDIT CARDS : DEBIT CARDS: Behind the Credit Chip Curve, U.S. Playing Catch-Up with Canada, Rest of World on Card Security
- From: "David P. Dillard" <jwne@xxxxxxxxxx>
- To: Net-Gold -- Educator Gold <Educator-Gold@xxxxxxxxxxxxxxx>, net-gold@xxxxxxxxxxxxx, Net-Gold <Net-Gold@xxxxxxxxxxxxxxx>, NetGold <netgold@xxxxxxxxxxxxxxx>, K-12ADMINLIFE <K12ADMIN@xxxxxxxxxxxxxxxxxxx>, K12AdminLIFE <K12AdminLIFE@xxxxxxxxxxxxxxx>, MediaMentor <mediamentor@xxxxxxxxxxxxxxx>, Nabble Groups Net-Gold <ml-node+s3172864n3172864h56@xxxxxxxxxxxxx>, Net-Platinum <net-platinum@xxxxxxxxxxxxxxx>, Sean Grigsby <myarchives1@xxxxxxxxxxxxxxx>, Net-Gold <NetGold_general@xxxxxxxxxxxxxxxxx>, Temple Gold Discussion Group <TEMPLE-GOLD@xxxxxxxxxxxxxxxxxxx>, Temple University Net-Gold Archive <net-gold@xxxxxxxxxxxxxxxxxxx>, "Net-Gold @ Wiggio.com" <netgold@xxxxxxxxxxxxxx>, Health Lists -- Health Diet Fitness Recreation Sports <healthrecsport@xxxxxxxxxxxxxxx>, HEALTH-RECREATION-SPORTS-TOURISM@xxxxxxxxxxxxxxxxxxx
- Date: Thu, 2 Jan 2014 07:42:07 -0500 (EST)
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CONSUMER AND INTERNET FRAUD HOAXES AND SCAMS :
RETAIL STORES :
BUSINESS:
CORPORATIONS: NAMED CORPORATIONS: TARGET :
CREDIT CARDS :
DEBIT CARDS:
Behind the Credit Chip Curve, U.S. Playing Catch-Up with Canada,
Rest of World on Card Security
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Behind the Credit Chip Curve, U.S. Playing Catch-Up with Canada,
Rest of World on Card Security
Huge breach of Target customer data puts focus on very embarrassing fact
that U.S.-invented swipe card has been surpassed in security worldwide
By Samantha Maziarz Christmann
January 1, 2014 - 6:04 PM
updated January 1, 2014 at 10:10 PM
Buffalo News
http://www.buffalonews.com/business/behind-the-credit-chip-curve-us-
playing-catch-up-with-canada-rest-of-world-on-card-security-20140101
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A shorter URL for the above link:
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http://tinyurl.com/o8bpp9e
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When Target announced that thieves had stolen access to the credit and
debit accounts of 40 million of its stores customers, it shined a
spotlight on Americas woefully outdated credit card technology.
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It turns out that almost no one apart from us in the developed world uses
swipe and sign credit cards anymore. Elsewhere in Europe, Latin America,
Asia, Africa, the Middle East economies rely on so-called EMV technology:
credit and debit cards equipped with a computer chip and protected by a
personal identification number, or PIN. They generate a unique
verification code every time they are used, which makes it very difficult
to create counterfeit cards with stolen data.
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Its very embarrassing because the credit card is an American invention,
said Lewis Mandell, professor emeritus of finance and managerial economics
at the University at Buffalo School of Management. Weve invented every
piece of technology and every upgrade, but when it comes to chip and PIN
cards, which are a vast improvement, were the last people on earth to
adopt it.
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Right over the border in Canada, chip cards are the norm.
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Theyre as common as can be in Canada, said Scott Crain, general manager of
the Tex R Cana Roadhouse and Barbeque restaurant in Fort Erie, Ont. Our
American customers find it to be a little different, but we still have the
ability to swipe cards to take care of them.
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Thats not the case throughout the rest of the world, where Americans
abroad find their credit and debit cards incompatible with foreign card
readers.
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Chip cards are inserted into credit terminals instead of swiped. The chip
sends a signal with a unique security code through the network, where the
transaction is verified and authorized. Instead of signing for a purchase,
consumers enter a PIN, which adds an extra layer of security protection.
Without that PIN, a lost or stolen card cannot be used to make purchases
in stores or withdraw money from ATMs.
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The complete article may be read at the URL above.
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Sincerely,
David Dillard
Temple University
(215) 204 - 4584
jwne@xxxxxxxxxx
http://workface.com/e/daviddillard
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