Tuesday, December 24, 2013
Use of chip-based rather than mag-stripe credit cards could reduce identity theft
Byron Acohido has a front page story in USA Today Christmas Eve warning “Target’s breach won’t be the last”. The main reason, he writes, is that credit cards in the United States, in widely expanding use with retailers, taxis, and even cell phone payment systems, depend on magnetic stripe systems that can be copied. In Europe, credit cards have chips which are much harder to replicate.
The link for the story is here.
The story is important because it implies that the use of magnetic strip cards, very expensive to replace, facilitates identity theft, could place bank accounts at risk, and certainly places employee reputations at risk in jobs where employees are considered responsible for their own scores, regardless of fault. The new bill limiting the use of credit checks in employment could be relevant here.