Societal Impacts Of Implementing Chip Technology In Credit And Debit Cards

1721 words - 7 pages

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.
Completed Research
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 ...

Find Another Essay On Societal Impacts of Implementing Chip Technology in Credit and Debit Cards

Impacts of Technology in Business Essay

829 words - 4 pages office to speak directly with clients and coworkers. Although there are many positive impacts, technology can also have a negative effect. Businesses in the United States are affecting the economy and its employment rates by outsourcing to other countries around the world, which is also evident that these negative impacts can be detrimental to the economy’s growth. The positive impact on the different methods of technology business

College students perception in using credit cards

809 words - 4 pages Our first question showed a result that out of the surveyed students in De La Salle Lipa 55% of them were male and 40% of the female had a credit card while 5% of the female surveyed did not. All in all 95% owned a credit card and the remaining percent don’t have some any credit card.Our first question showed a result that out of the 40 De La Salle Lipa surveyed students 55% of them were male and 40% of the female had a credit card while 5% of

Credit Cards and the Foreclosure Crisis

1535 words - 6 pages seen it personally with my parents, their interest’s rates have all gone up. Real credit cards, not debit with a credit logo, are a huge responsibility, which many people have proven they cannot handle. If a million teens default on a $500 payment at 22% interest, which is $610,000,000 that is put off onto the credit industry this in turn puts pressure on both the market and the companies taking the debt. This process started the national

Credit Cards: A Blessing and A Curse

1902 words - 8 pages , calling in and ordering that special purchase will require a credit card. Essentially, anything not purchased in person must be bought using a credit card, and with so many people buying from websites, T.V. specials, or catalogs having a credit card is very important. Another positive aspect of credit cards is that they are very useful in the event of an emergency. Certain situations in our lives will require us to spend money that we do not have

Credit Cards : Liberty And Debt, For All

639 words - 3 pages as alcohol or cigarettes. A credit card creates a false sense of security in that one can purchase an item and pay for it later even though the funds are not currently available. For the weak and financially irresponsible, this can be a disastrous invitation. Also, many use credit cards as an attempt to resolve other financial calamities perpetuating the cycle of debt. Recent loss of employment can thrust an individual to rely on a credit card to

The social effects of credit cards

823 words - 3 pages Charge ItWhen American Express and the Diners club first launched their idea for a credit card they had no idea how it would affect the rest of the Twentieth Century. It was originally an agreement between a couple of upscale New York City restaurants to give their customers a sort of tab; however, it didn't revolutionize the way we spend money until many years later when the magnetic strip was put on the back. Credit cards are basically an

Persuading Students to Use Credit Cards and Financial Aid Responsibly

1240 words - 5 pages Outline THESIS: There is a growing number of students with credit card and student loan debt at Broward College. Not all of them are conscious of the fact that their debts continue to gain interest over the years and leaves the student in a precarious financial situation if left unchecked. The students need to be informed of the methods by which they can avoid or deal with student credit card or student loan debt. I. Students at Broward

Positive Impacts of Technology

1266 words - 5 pages without electricity since it allows them to live through their everyday life. This paper argues that technology positively impacts people’s lives. Firstly, technology has made life easier for human kind in terms of education and work. Ever part of people’s daily lives is linked to technology in one way or the other. It just makes life easier and things quicker. Technology advances make people see how processes can be made actively and efficiently

Impacts of New Technology

698 words - 3 pages "Impacts of New Technology"Research efforts have been focused on the impacts of new technology on human health. One of the leading new factors is the technology of cell phones, which is predicted to have more than 1.3 billion worldwide users by the 2005. Cell phones have been of the fastest growing industries. Today most people have portable phones in their home, and/or cell phones. Theses devices are connecting people in convenient ways as

The Roles and Impacts of Computers and Communications Technology

1370 words - 5 pages The Roles and Impacts of Computers and Communications Technology I am specifically going to speak about foreign workers handling UK consumer calls and IT jobs in general, better known as offshoring or out-sourcing. Below I have tried to out-line some of the good and bad points about the subject Benefits The advocates of offshoring describe it as having high potential; moving jobs to a low cost labour market

Control Through Technology: Communication and Societal Dependence

757 words - 4 pages conditioning, all forms of technology. The concept of a utopian society has long since been a vision in the distant future; however, with progressing technology, perhaps a perceived utopia is possible with societal control through technology. Technology can be considered much more than cellular phones, laptops, and the internet. Language, fire, and shelter can all be categorized as technology. The way we use technology is vital to the health

Similar Essays

Credit And Debit Cards Vs. Cash

711 words - 3 pages Over the last ten years people in the United State and around the world have heavily relied more on their debit or credit cards to process transactions of their purchases. In the old days it used to be when you would get your paycheck on Friday and rush to the bank during your break or lunch in order to cash withdraw your funds or deposit them into your account. It used to be where you carry cash to buy groceries, pay bills, and go shopping

The Pros And Cons Of Using Credit Cards And Debit Cards

3688 words - 15 pages Advantages and Disadvantages of Using Credit Cards and Debit Cards Today, almost everyone has their credit cards or debit cards. It can be used in the malls, shopping online, buying tickets, and much more. Most of the time, people use it because it is more convenient because you do not have to bring cash which could be easily stolen and used; unlike cards where there would still be a number of security features. There are two types of

Teenagers And Their Credit Cards Essay

1185 words - 5 pages Teenagers and their Credit Cards         Availability of credit cards have left young people in debt.  College-age students and low-income consumers, typically deemed bad risks, are easy targets for credit card companies.  Credit card companies should not target college-age students and low-income consumers because of their lack of financial stability.  In 1996, twenty-something consumers owed

The Convenience Of Credit Cards Essay

911 words - 4 pages students apply for a credit card as a way to have extra spending money, without realizing that the money has to be repaid. Students should have an income in order to repay their credit card purchases. Unfortunately, many students do not pay off their cards, and therefore incur large amounts of debt. Student credit cards are more likely to have higher interest rates than others’ cards due to the lower credit scores students usually have. The