Friday, May 10, 2013

U.S. Banks' Autocratic, "No Changes" Attitude Enabled Latest E-Heist

America's banks and most retailers had better get up to date, as
no insurance company can endlessly fund such stupendous
e-heists as those pulled off all around the world and in New York
City on May 3, the off-key tune of  $45 million.
February, 2013 saw a similar ($40m) e-loss, earlier still,
a $5 million e-theft. All of these serious financial crimes were
facilitated by the USA's banks' refusal to abandon their
ubiquitous, outmoded magnetic strip technology.  (In 1963
I processed the same  plastic cards with those strips as a
candy seller at Chicago's Marshall Field's (now Macy's).

Many nations (not ours) have switched over to chip-embedded
cards, which are said to be virtually inviolable. Other states, not
wedded to 60+ year-old technology, still accept our business
transacted via these unsecured cards. Would it actually cost more
than the recent total $85m loss to join the rest of the world
in this way, securing scarce future monies, staving off anxiety?

--But NOOOO (as Belushi might say),  U.S. banks are perfectly
fine with their smug, stick-in-the mud intransigience-"We've
always done it this way", etc. Here's just another example of how
our country demonstrates declines in the ever-important quest
for most "preeminent" power on the globe.

Hey Chase, et al., good luck with that. You banks accelerating our
rush to the bottom will feel the pain, eventually.

Too bad the rest of us are being dragged down by your
blithe, "no changes" attitude.


  1. Why should they care? They can borrow money from the Fed and be assessed an interest rate of 0.75%. (Yet the interest rate for students in need of loans is expected to leap from 3.4% to 6.8% come July 1st).

    Either one of two conditions will spur them on to update their technology:

    1) If their bottom line really begins to scream as you suggest it might, or

    2) If the Big Bad Gummint intervenes with meaningful regulation.

    Hey, at least Senator Warren is speaking out. Kudos to her!

  2. This comment has been removed by a blog administrator.

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