Times have been used to changes, for finance it is still the same. Kevin Spacey once quoted through one of his characters, “Give someone a gun and he will rob a bank, give someone a bank and he will rob the world”, the saying is proving to be true with the latest $200 million dollar fraud which raised many questions against the capabilities of credit cards, which is used by billions of people today.
About eleven people from Vietnam, UK and US are being held for being somehow connected to this credit card fraud ring. What appears to be, the ring was functioning from Vietnam from a man named Duy Hai Troung, who easily stole the information of more than a million cards, who left credit card owners exhausted and despaired for long, questioning the reliability of security measures taken to prevent such illegal and unethical activities.
On the other hand, another digital currency Bitcoin is proving to be a life boat for the people with the sinking credit “Titanic” cards faith. Mozilla developer Kumar McMillan sarcastically puts, “like giving someone the keys to your expensive car, letting them drive it around the block in a potentially dangerous neighborhood (the web) and saying please don’t get carjacked.”
Echoing similar concerns, Micky Malka, general partner and founder of Ribbit Capital, says, “This critical vulnerability is like giving a lollipop to a five-year-old kid, it’s so easy, so antiquated!”
Things seem to be pretty rough for credit cards in the future as more and more people are drawing towards the much safer and secure Bitcoins; despite the recent action taken by the US government to ban Bitcoins from its soil. Credit Cards have frequently faced a sea of complaints regarding poor satisfaction, banking, insurance, and frauds. The time is now to either tighten the credit card security, or to go for an alternative method that has already taken one.
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