Why Blockbuster looks at your ID.
Edgar Danielyan
e.danielyan at gmail.com
Fri Jul 8 13:50:17 EDT 2005
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 <perry at piermont.com> wrote:
>
> Dan Kaminsky <dan at doxpara.com> 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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