May we see the back of that envelope? Upgrade to EMV (chip & PIN) here
in UK reportedly costs around 1.1 billion pounds (around $1.9
billion), and that is simply an upgrade to the existing infrastructure
and only in a single country. To fundamentally change the system would
require tens of billions and a concerted effort of banks, the
associations and the merchants, with all the associated hidden agendas
and underwater currents. It would be too big an undertaking with an
uncomfortable C/B ratio, whereas $788m in losses is not that bad
keeping in mind the amounts involved...

On 7/8/05, Perry E. Metzger <[EMAIL PROTECTED]> wrote:
> Dan Kaminsky <[EMAIL PROTECTED]> writes:
> > Credit card fraud has gone *down* since 1992, and is actually falling:
> >
> > 1992:  $2.6B
> > 2003:  $882M
> > 2004:  $788M
> >
> > We're on the order of 4.7 cents on the $100.
> >
> >
> >
> > If it's any consolation, I was rather surprised myself.
> I seem to have gotten that one drastically wrong. Thanks for the
> more accurate figures.
> A back of the envelope calculation makes me think that it is still
> more than enough money to provide a good incentive for a change in
> systems, though, especially when the cost of the anti-fraud measures
> needed at every part of the system are taken in to account.
> Perry

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