This week's top news and views: A payments card fraud spree in Seattle prompts a massive investigation; and a Colorado court's decision to overturn an identity-theft conviction for misuse of a Social Security number stirs debate.
A spree of payment card fraud incidents at multiple retail locations in Seattle has prompted an investigation by law enforcement authorities. And security experts say these crimes can be expected to happen more frequently as credit/debit card fraud evolves.
Mobile payments are the future, and so is a migration to EMV chip and PIN. But the financial industry has quite a few more investments in technology upgrades it needs to make before any significant movement can be made.
The U.S. reliance on the magnetic stripe is having global consequences. European countries that have made the shift EMV say they are suffering from higher-than-ever incidents of ATM skimming because of the lingering mag stripe.