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.