Trouble At Safecard Services!

How incompetence and greed undid the credit-card insurer

In 1969, Peter Halmos was a 25-year-old Hungarian emigre with an idea: People would be willing to pay a small annual fee for credit-card protection. If their cards were lost or stolen, they would be insured for any unauthorized charges, and the issuers would be notified to provide replacement cards.

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