The Anthem breach alone exposed 80 million Social Security numbers, and then was quickly followed by the Premera breach that exposed yet another 11 million Americans' SSNs. The question now: Why are we still using Social Security numbers to identify taxpayers?
I agree with some of the new federal initiatives to prevent identity theft and protect consumers' privacy. But they can only do so much. The pressure is now on financial institutions to provide the most secure technology available.
Whether the hackers banked a false sense of security at the institutional level, knowing that the protocols might be deemed an unnecessary expense, or the recent attacks are merely part of the chip card learning curve, this latest technology is only as good as its implementation.
There's a movement happening in the payments world. With so many retailer data breaches in the past year, consumers, financial institutions, retailers and security professionals are wondering, plain and simple: how can we make shopping more secure?
In the aftermath of a security breach at Target that compromised more than 40 million credit and debit cards and an attack on Neiman Marcus that affected 1.1 million cards, banks, credit card providers and merchants have renewed efforts to protect payment information.