Let’s get one thing straight; Stores like Target or Walmart or any merchant where black people shop are all about profit. You know that. And if it does not translate to the bottom line it is likely thrown out. Now you know what happened to data security.
According to a report that appeared on CNNMoney.com merchants are more interested in keeping the lines moving and collecting your personal data than protecting you and your money from thieves. The system is designed to get you in and out the store as quickly and often as possible. The point of sales (POS) systems that use your credit or debit cards are not state of the art or even close. They are simply there to collect money. If something happens, say like Target getting hacked and losing millions of credit cards numbers and associated information. Then basically Target is saying, “Doggoneit! We promise to do better next time and please continue shopping!”
There are simply not enough laws in place to hold these companies accountable for data breaches. Not to mention that they are expected to self-regulate. In other words they are free to act as they see fit and you’re at their mercy.
Currently in Europe credit card users are using a more secure system known as the Chip and PIN Security System. This system encrypts your data from inception making it extremely difficult for hackers to steal it. More than 80 countries are currently using this system. But not in the U.S.! Why? Because no one wants to pay for it!
First of all the cards cost $1 to $2 dollars to make. That’s ten times more than the cards we currently use. That’s $8 billion to replace 610 million cards, 520 million debit cards, 15 million card terminals (POS) and over 300,000 ATMs in the U.S. So merchants would rather smile in your face, give you some credit monitoring service and keep it moving. If you’re like most black people you don’t like it when people play with your money. But that’s just what they’re doing when you pull out that debit or credit card.
But just so you know, not all is as bad as it seems. There is a war brewing over these data breaches and its taking place in the courts. Large banks are currently suing Target for the data breaches. Basically banks are trying to make merchants pay for these large data breaches. The message being sent is easy to understand. Either you secure your systems or its going cost you big money. That’s goes back to what I said earlier; the stores are all about profit. In this instance stores like Target have to look at the bottom line and decide if they are going pay for security or pay for the breaches.