Saturday

Consumer Credit Card Theft - Is There Any End In Sight?

We now have, in the space of a couple of weeks, the Home Depot, Goodwill Stores, and Jimmy John's credit card information thefts. Short of switching back to using cash and mechanical cash registers, is this ever going to end and is anyone actually doing anything about it? In the short term, I doubt it. All of these recent finds occurred during a climate where point-of-sale hacking attacks was pretty much already in the news and none of the above seem to have used any particular urgency to batten down the digital hatches.

There is some hope in future technologies, like the Apple Pay concept. Using something like this, in conjunction with credit cards featuring chip and PIN technology may be a big part of the solution. This type of card is already common in Europe, and will likely show up in numbers in the US soon. Technologies such as these should help minimize the theft of personal credit card details, at least from point-of-sale (POS) sources.

Of course, there is gold in them thar hills for the bad guys, and you can be sure the cat-and-mouse game will continue.



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