BOSTON (CBS) – The massive data breach at Target has prompted a big conversation among retailers and banks in hopes of developing new safeguards.
Thieves will not stop trying to steal our information and there are only so many ways to deter them. So attention is turning to creating a smarter credit card.
In fact, Target is now calling on the industry to adopt technology which makes use of cards with computer chips and advanced card readers that make it more difficult for criminals to steal info on such a large scale.
None of this is new. The technology is already commonplace in Canada and Europe.
And if you’re wondering why we don’t already have it in the U.S. you can blame the same company that’s now calling for it.
Yes, it was Target – and specifically this CEO, Gregg Steinhafel – that pulled the plug on the whole idea when it was proposed 10 years ago.
The Wall Street Journal reports that Target was actually on the brink of pioneering this technology in a partnership with Visa. It was a $40 million, three-year program.
But executives in charge of the company’s operations and merchandising, including Steinhafel, put the kibosh on it.
They worried it would slow check out speeds and result in less business.
I’m guessing they would do that one over if they could.
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