Isn't it About Time to Get Moving on Chip and PIN?

Published: 2014-02-10
Last Updated: 2014-02-10 17:50:07 UTC
by Rob VandenBrink (Version: 1)
20 comment(s)

I got to thinking about the 3 "big story" breaches that we've all been discussing over the last month or so.  Just adding things up, we're at a count of over 100 million cards and personal information disclosed.

Just thinking about it over the weekend, I realized two things:
1/ All these breaches affect the only region still using card-swipe only credit cards - the United States.
2/ The count of cards compromised is right around 1/3 the population of the United States

With this many cards compromised and needing replacement, isn't it time that the industry wakes up and smells the coffee? Everyone (yes everyone) else in the world has moved to Chip and PIN technology, which makes theft of credit cards much more difficult (though not impossible, looking at recent events in the UK).  These breaches illustrate (again) that the US staying on this old technology for cards has the effect of making theft of cards much easier in the US, focusing the attention of criminals on US cards.

If we're replacing that many cards, wouldn't RIGHT NOW be a really good time to issue 110 million bright, shiny new Chip and PIN credit cards for the folks who are the victims of these breaches?  I know that this would complicate things on the logistics side, but it's not new technology - this could certainly be arranged.  Even if the Chip / PIN technology isn't actually used (there are a boatload of machines that need replacing for one thing), it at least gets things moving in the right direction.

Please, share your thoughts on this in our comment form - am I off base?

Rob VandenBrink

Keywords: CHIP and PIN
20 comment(s)
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