Consumers Are Very Well Protected: McKelvey

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Jan. 16 (Bloomberg) –- Square Co-Founder Jim McKelvey discusses the recent security breaches in retail stores and the effects they will have on customers with Emily Chang and Alix Steel on Bloomberg Television’s “Street Smart.” (Source: Bloomberg)

Potential customers affected here.

I shop there.

You must be following this.

The security breach at target was unfortunate, but it is really not that big a deal for any individual.

Wait a second.

All of a sudden they are getting my bank account.

It is people's names, phone numbers, addresses.

Identity theft is serious.

It depends on what they have stolen.

We don't quite know yet.

You don't have your full identity if you just have the main medic strike.

Nash magnetic stripe.

It's a pain in the neck, you might have to get a new target card.

It's going to cost them $10 to send you a new card.

It's actually a good thing in some ways that this comes up, because the feds have been trying to move away from the mag stripe, so that is probably a good thing.

Overall, security is not a big problem.

It tends to make news when things like this happen, but the effect of any individual breach, it's not that bad.

$11 billion, half of that in security breaches and fraud losses per year.

That is pretty substantial.

You are talking fraud.

Fraud is a problem, but it tends to be laid back onto the merchants and not onto the individual.

If the u.s. was on a chip and

This text has been automatically generated. It may not be 100% accurate.

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