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
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