From the article:
Some of the fault lies with the ubiquitous magnetic strips on the back of the cards. The rest of the world has largely abandoned cards with magnetic strips in favor of ones with built-in chips that are nearly impossible to copy. But because U.S. banks and merchants have stuck to cards with magnetic strips, they are still accepted around the world.
Eventually, the chip will no longer be imbedded in your card, but on a body part where you have soft tissue.
...coming to a savings account & retirement account soon.
The chip implant is in the ObamaCare bill.
My humble guess is that we are looking at simple episode one of dozens of ATM card episodes. I’d predict that the magnetic strip does disappear within three years...they won’t be able to hold off the bad guys. As for the various charges and 19-percent interest payments? All necessary because of episodes like this.
Good work if you can get it.
But let’s hope they catch everyone responsible and string them up by their cojones.
Crime: the crossroads of egomania and laziness.
Do I understand the loss was incurred by middle eastern banks? Hmm, I should be better than my current feelings suggest.
Meanwhile an even more audacious global theft ring has been uncovered, which is led by a Mister Bernake ...
Looks like it may be a good time too invest in RFID chip manufacturers for credit and bank cards. Short those companies that manufactuer magnetic stripe readers and you have a double whammy.