Why Credit Card Security Must Be Addressed in U.S.

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Dec. 26 (Bloomberg) – WSL Strategic CEO Wendy Liebmann discusses fraud and why retailers and credit card suppliers have been reluctant to update technology on Bloomberg Television's "Bloomberg Surveillance." (Source: Bloomberg)

Reluctant to upgrade our technology?

That is a wonderful question, and i have absolutely no answer.

It is running.

You would think they want to decrease fraud.

I think tj maxx at this issue six or seven years ago, and nothing has changed.

You know when you go to a restaurant here versus europe and they give you -- they bring the machine to you, here we give it away.

Somebody go to the back room and makes copies.

We have to sign our names when we make a credit card purpose.

What is the signature for, because it does not seem very secure?

I think it makes us feel secure.

There was a time when people did feel it identified who you were but today it means absolutely nothing.

Who knows why this is going on.

Part of this could be fraud as a percentage is pretty title -- tiny.

But fraud rates are on the rise.

At what point will retailers and credit card issuers start to take action on it?

I think we are getting to the point.

To have this happen at the critical time of year in a year that is very difficult for sales, you get a double hit.

If occult sales, they now give another reason for people not to come into the store -- difficult sales.

We are starting to see a sign where retailers are saying we have to pay extra for that.

When i launch into work remotely from home, i need to enter a randomly generated number just to log in.

Why can't retailers or credit card issuers do something as simple as that?

I don't know.

The complexity, the cost, or the fact it has caused a very little in the retail community so accents, whatever.

-- six cents, whatever.

I know consumers don't get hit with the bill, the retailers get hit?

I don't know the answer.

But when you say the consumer does not get hit, they get hit emotionally and they get hit emotionally in saying i will not go there for a while.

That is a big issue for everybody.

Bad news for target.

And bad news for other retailers.

Shoppers are saying, will my card be compromised at another retailer, too?

May be the case of making purchases with bitcoin these days.

Wendy liebman.

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


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