From the Washington Post of 30 Mar 2012 entitled
Security breach may have compromised millions of debit and credit cards
Quote:
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Avivah Litan, a Maryland-based fraud analyst at the information-technology-research firm Gartner, ... said the United States lags behind many countries that have migrated to microchip technology in credit cards, which have cut back significantly on fraud. “We’re the only developed country that’s not using it,"
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Smart Cards have been standard throughout the world for multiple decades. But US banks are dominated by people trained to maxumize profits even at the expense of the product. Due to fear of technology, American banks have highest costs. They must nickel and dime their customers with numerous hidden charges. Have even cost controlled security.
Over ten years ago, one manufacturer of smart card chips announced their one billionth sale. That is only one manufacturer. Why do so many Americans not even know about smart cards? Says so much about how most Americans are so easily manipulated. Too many only believe what they are told to believe. American banks fear an informed consumer. This security breech is directly traceable to pathetic security found on credit and debit cards.