Wednesday, March 9, 2011

Kevin Poulsen on Credit Card Companies

This month's Metro quotes Kevin Poulsen, who discusses the most pressing credit card issue of our time:

"The financial institutions made a decision that the cost of fraud is acceptable. They decided against replacing the magnetic strip with a chip and a PIN because it would be too expensive."

If you go to Europe, most credit cards have the superior chip-based technology. If you're an American, you ought to be upset--your American credit card companies are treating Europeans better than you.

1 comment:

Transplanted Lawyer said...

I'd be upset at that, but the fact is my European friends and relatives have more money than I do, so I expect the credit card companies to treat them better.