Seeking Alpha

Senate committee probes retail data breaches

  • Top executives from Target (TGT -0.4%) and Neiman Marcus are testifying in front of a Senate Judiciary committee today on their company's respective data security breaches
  • One of the very first questions after a non-eventful reading of prepared statements was on seeing the industry move to chip and pin technology instead of the continued use of magnetic strips on cards.
  • Target CFO John Mulligan offers little resistance, saying a "collective" effort in the direction of smartcards needs to occur.
  • The adoption of smartcards could cut into capital expenditures and IT spending at banks and retailers which are behind the curve.
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Comments (3)
  • BlueOkie
    , contributor
    Comments (7778) | Send Message
     
    Chip and PIIN are coming get ready!
    4 Feb 2014, 01:14 PM Reply Like
  • Topcat
    , contributor
    Comments (515) | Send Message
     
    Even the chip and pin cards have (although lessor) security problems. There is no use doing this unless done right the first(next) time. You can't let the retail giants dictate the technology, since they have been perfectly willing to accept some losses in exchange for big profits, and, to heck with the effect on us consumers and all the hassles we are put thru to get replacement cards.
    4 Feb 2014, 01:22 PM Reply Like
  • FleetUSA3226
    , contributor
    Comments (856) | Send Message
     
    These have been used in Europe for at least 10 years. Why not here?
    4 Feb 2014, 06:50 PM Reply Like
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