(Updated) Coming Soon: Another Hack Job Cogent & Fallacious #3

I read an interesting article by Steve Weisman that was actually about a future event, yet I found the reasoning to be cogent.   Let me explain...

How often do you pay with cash?  If you didn't answer "every time I buy something," then you are susceptible to this article's premise.  However, the truth of the matter is that thieves don't always run up to you and steal your wallet.  They have higher tech operations that allow them to acquire your information.  For instance, there are skimmers put in place at gas stations, and once I had my information stolen when I paid with my card at a restaurant.  The newest modus operandi is hacking into major 
companies'  data bases and stealing credit/debit card 
information by the millions.  This is what happened at Home Depot. 

THE HOME DEPOT WAS BUGGED

The disheartening part concerning the data breach with Home Depot is that it  could have been prevented.  Home Depot had a key that could have provided another line of defense that they failed to activate  within their cyber-defense software. Unfortunately, more than 56 million cards were put at risk as a result of the oversight.  





Since the Target breach that happened in November 2013, hackers have invaded UPS, Goodwill, Sally's Beauty Supply, Michaels, Neiman Marcus, and P.F. Chang's.  Home Depot's breach made more headlines because they compromised the largest amount of customer's information.  The contention of this article is that since stores are not able to thwart all the ways hackers penetrate a system's defenses, that something else needs to be done. 

 The technology on the magnetic strip we use on credit cards dates back to the 1960s and with this information the hacker has access to the victim's credit.  A newer technology is available which encrypts a new number every time the card is used, it is called an EMV card, and has a chip embedded inside.  This makes the information worthless to a hacker.  There is a cost associated with this  upgrade on the classic credit card, and that is the reason credit card companies and retailers are dragging their feet on the change.  By October of 2015, new regulations will be in place and the EMV cards will replace the current magnetic strip cards.  Until then, we will continue monitoring our accounts and waiting for the next hack job.  

I have heard about cyber crimes affecting consumer data on several platforms.  From the evening news, to the radio, and this article from USAToday.  I have also been a victim of this crime so it hits closer to home.  This article thoroughly explained the risks and the reasons behind the credit card companies' resistance to the change that will help consumers.  It also included recent cyber attacks and how a simple chip could thwart the cyber thieves for a time.  I found the reasoning to be cogent and coherent.