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. > > > > http://www.businessweek.com/technology/content/jun2005/tc20050621_3238_tc024.htm > > > > 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 > --------------------------------------------------------------------- The Cryptography Mailing List Unsubscribe by sending "unsubscribe cryptography" to [EMAIL PROTECTED]
