Credit Card Data Breaches………What care factor?

Posted on June 20th, 2009 by Drazen Drazic

Everyone (schemes, banks, press etc) tries to spread the care factor for any significant data breach of cardholder information.

Reality is that from an individual’s perspective, it really doesn’t matter whether it’s 20 million cards “exposed” or 1. As long as that “1″ does not belong to the individual…….And if does, in most cases, the individual is protected against their losses.

Just a philosophical question/view. :)

5 Responses to “Credit Card Data Breaches………What care factor?”

  1. V3ndor Says:
    June 20th, 2009 at 1:20 pm

    When you look at it like that, it is so true. You will probably get criticised for over simplifying it. Sometimes things need to be complex and complicated. ;)

  2. Ralphy Says:
    June 21st, 2009 at 1:03 am

    Ofcourse the consumer is protected, the banks want the consumer to have faith in ‘the system’ (online banking), otherwise how could they possibly justify closing all those branches. Imagine if everyone wanted to actually use a physical bank branch again. It would almost be like a run on a bank but with huge queues instead of cash running out.

    It is not a philisophical view it is purely commercial…

    I was thinking maybe not for you and I, but it is…
    1. Bank pays out
    2. I am not commercially worse off
    3. Therefore I don’t care.
    4. Profit?

  3. D3 Says:
    June 21st, 2009 at 8:59 am

    PCI DSS, liability hot potato debates – banks pushing/testing what they can get away with like this; http://computerworld.co.nz/news.nsf/scrt/33B75B389A083E71CC257474001BFCD7
    ..technology struggles, but view from the individual, a different view. :)

  4. V3ndor Says:
    June 21st, 2009 at 1:33 pm

    Related;

    Wow. 2 great suggestions proposed here by a consulting business to minimise credit card fraud.
    http://www.pcauthority.com.au/News/145706,credit-card-fraud-costs-australia-120m-but-there-are-ways-to-protect-yourself.aspx

    Spread the word!

  5. Drazen Drazic Says:
    June 21st, 2009 at 6:03 pm

    It’s everyone’s problem and it can be no ones problem (from the individual’s perspective). A run on Ralphy means something more extreme has happened or is about too and valid points. Just interesting to see how the effects are reported/played out vs. the realities and real impacts (if any in some circumstances…I suppose depending upon what and how you measure it). Flipping it all, how fragile can it be? Recent events suggest it can (from that financial perspective and overall global impacts) but is it? Or do we have more control than we think? Gees, not trying to take this down a conspiracy level…though it sounds that way. :) Seriously, No Zeitgeist movie links please. Seen it. :)

    And life rolls on for those of us not at the coalface of this.

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