Businesses across the world lose a staggering $221 billion a year due to identity theft. Businesses are prime targets because they require personal information from their customers, employees, etc., to maintain their enterprise. One third of money lost is in USA alone as the prevailing payment transaction system is highly vulnerable. If information such as names and addresses, credit and debit card numbers or other account numbers falls into the hands of an identity thief, the consumers, business, as well as all businesses associated with the compromised information, could suffer endless financial repercussions as well as damage to their reputation. The effect of credit card information theft is generally very severe on the societies. In many cases, the individuals who fall victim such thefts undergo depression due financial losses which he could not recover for a long time. If the frequency of such incidences becomes very frequent and common in the society, the whole society is adversely affected (Douglas King, 2014)
While laws exist to protect credit card holders, many feel that credit card companies and those entrusted with credit card information are bound to respect consumer’s right of privacy, keep their information secure and use principled marketing practices to secure new customers. The consumer’s decreasing confidence in the prevailing credit card transactions in United States has affected the thinking and attitude of almost every adult and potential consumer in the society. In societies where theft of personal information becomes common, people become very shaky. Whenever they need to render some information, even if it is for some positive purpose they feel very under confident due to fear of losing or being deceived. After years of facing huge losses on account credit card frauds and identity thefts a number of big banks and businesses in USA have started aligning them with the urgency of implementing chip technology in credit and debit cards. The need to implement chip technology is today deeply felt in US market for making data storage and data transfers more secure (Douglas King, 2014)
Due to their obligations companies are now aligning them self with the urgency of implementing chip technology. This memo will first state the research which I have done so far. Finally, this memo will discuss the progress I am making to meet the original deadline for this research project.
In my research, I focused on ‘Societal Impacts” of implementing chip technology in credit and debit cards all around USA. The implication of repeated financial damage due to los of personal information inflicts a feeling of mistrust, deprived of security right, depression and sometimes irrecoverable financial and emotional loss (EHOW, 2014). Unfortunately, these are all ingredients
SOCIETAL IMPACTS ...