This week's top news and views: A payments card fraud spree in Seattle prompts a massive investigation; and a Colorado court's decision to overturn an identity-theft conviction for misuse of a Social Security number stirs debate.
The U.S. reliance on the magnetic stripe is having global consequences. European countries that have made the shift EMV say they are suffering from higher-than-ever incidents of ATM skimming because of the lingering mag stripe.
Richard Oliver says globalization and the advent of the Internet have been two of the most influential technology innovations to hit banking over the last three decades. But a number of outdated card technologies, such as the magnetic stripe, lingers and is exposing the payments industry to fraud.