Richard Bucker

More Credit Card Fraud, Where is the Bank Fraud?

Posted at — Apr 30, 2012

I just wrote an article about credit card fraud… but here’s some food for thought.Computers have been in banking for a good many years. Probably since the 1960 or even a little earlier than that. But in recent history we hear about credit card fraud and not banking fraud. The systems are typically integrated and supposed to be equally secure… but the attack vector is always credit cards.I wonder of saying it was credit card fraud (a) allows the banks to charge more for credit cards (b) allows the government and banks to say our banking and reserve system is secure.The thing to think about… the credit card company (the issuing processor and all entities) they do not need your social security number. For anything. ¬†Your bank does and they do not need you card number(s).There are many ways to fix this problem (a) laws, (b) banks (c) technology.