Recent security breaches at Target and other retail establishments has shaken consumer confidence. But who really pays the price for these security lapses? Retailers blame bank card operations, and banks blame retailers' security measures. Either way, you and I are the real losers. Our sensitive information is vulnerable to hacking whether we're swiping our cards or shopping online. Now Congress is getting involved, no doubt due to the high profile and broad spectrum of this most recent data theft. Legislation that sets standards for cybersecurity isn't necessarily a bad idea, but more importantly, our financial firms need to embrace internal card chip technologies that are widely used in Europe and make cards more difficult to counterfeit. Our financial institutions and retailers need to make significant improvements in securing our private information in order to restore consumer confidence anytime soon.
I'm Vanessa Oubre that's "My Take" What's yours?
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