Target Corp. said Monday that the Department of Justice is now investigating the retailer’s credit and debit card security breach, as federal lawsuits are starting to trickle in from customers around the country.
If this doesn’t illustrate why the US needs to catch up with the rest of the world as far as credit card security goes, I don’t know what will. Many countries in Europe and elsewhere have implemented systems like chip and pin to try and combat this issue. It seems we either need to implement something similar, or find a better way to transfer money from consumer to merchant electronically. Companies like Dwolla and Square are pioneering work in that area, let’s just hope they make enough impact to initiate the change we need to see.