US credit and debit cards use easy-to-replicate magnetic strip; rest of the world has moved on

  • Article by: JONATHAN FAHEY , Associated Press
  • Updated: December 23, 2013 - 5:43 AM

NEW YORK — The U.S. is the juiciest target for hackers hunting credit card information. And experts say incidents like the recent data theft at Target's stores will get worse before they get better.

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traderbillDec. 22, 13 9:16 AM

Wake up...we are fools for letting credit card companies and banks off the hook with FOUR digit pin numbers...and failure to embed electronic chips in credit cards! Europe has it and the banks there are furious with our banks and card companies for not doing likewise as it costs them money on card losses. Who then is inconvenienced? the customer who travels there and finds his cards don't work.

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kenw1952wDec. 22, 13 5:06 PM

"Companies haven't further enhanced security because it can be expensive........." besides, American banks and companies know that if they do lose money they can just ask our government to bail them out and leave the taxpayer on the hook.

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freedubayDec. 22, 13 6:11 PM

If Target thought having better security for their customers just what til they get the bill for this fiasco.

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ajnaguyDec. 22, 13 6:55 PM

@freedubay - Target IS on the hook for making their own redcards antiquated and vulnerable, but it's the biggies (Visa, Mastercard, Amex, Discover) that have really driven this. The premise of the story underlines the stupidity - one of the richest nations on earth refuses to safeguard its own wealth. Perhaps because, like the stock market, credit is just a bunch of made-up money to begin with.

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mrprogressiveDec. 22, 13 7:22 PM

The target attack happened because of target. All they could of done, besides not run windows xp on their cash registers is not store credit card data. What's more hassle? This breach or giving the cashier your credit card when you make a return?

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mnpikeyDec. 22, 13 7:52 PM

Target doesn't own or manage the "Redcard". They sold it completely several years ago.

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fishbachDec. 22, 13 9:06 PM

That's American big business: do it on the cheap.

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dsteinbe1977Dec. 22, 13 9:12 PM

A few years ago, US Bank started purging the majority of Target IT security workers. Shows that US Bank pays for the good ones to stay on.

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monkenDec. 22, 1310:22 PM

The banks want the retailers to pay for the costs; and retailers want the banks to foot the costs. Round and round it goes, as the consumer foots the psychic and monetary cost of fraud on our own accounts. Consumers are the ones who have to monitor for fraud, report the fraud and identity theft and hope that our credit reports remain intact.

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rlwr51Dec. 22, 1311:39 PM

The other corporate credo, after "the bottom line", is minimum standards.

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