Family friend, who works in a large store reported one night over a drink that he was a strange day. He made goals (good for him) sale of elite goods to physical persons he knew in his heart of hearts were thieves using stolen credit card. The Office was called. Security was called. But in the end, the deal was approved because the sale will contribute to the attainment of retirement this day sales goal. In the end seller and his manager and the store will receive. And the thieves will look oh so well in their new duds. Only the credit card company will be taken to the cleaners. 4 out of 5 is not bad, right? Wrong. And shame on the it industry for not fixing that.
When we mosey down to the local mall in search of new blue jeans, bold ties and accelerate beginning shoe event horizon we find curious exchange that takes place. People Exchange use-just momentary use-a small plastic box in exchange for material benefits. Yes, credit cards are magical things, allowing us to buy what we want is not based on full faith and backing the Government of the United States (which these days can be questionable), but our own goodwill and credit. We promise to pay what we owe later get what we want right now. And we agree to pay the rent that we borrowed, if we don't quickly make good on our loans.
But what if the system does not work? If any one of the parties can put at a disadvantage in such operations? Well if you or I, we'd just stop using the card and pay using another, or by checking or (gasp! This is so old-style), cash. And if the store found documents and fees to offset the cost of processing customers quickly, or if they got ripped off and have a cost, they would refuse this virtual auction. Or raise their prices to cover the costs.
But what if a party to put in a disadvantageous card issuer? Some giant, heartless Bank with heart cold as his mortar and brick facade. They deserve it, we are talking about. Couldn't happen to nicer guys. Except that all of us have that value every time that a fraudulent transaction. We pay a high interest on our account credit and bank charges, nickel and dime us to compensate for the loss.
So why the interest in this? Because the nature of retail sales has not changed much since the introduction of the credit card. And allowing thieves to find weaknesses that they can take advantage of. And it's us who sell IT the possibility of providing new and improved systems for capture, security and reliability, all those promises are traded in shoes and bags and bling.
But this is worse than a few stolen goodies because not all stakeholders in the protection of the chain of trust with consumers, retailers and the map of the insurer.
Therefore, I have a few predictions about how this problem will be fixed:
Prediction 1-adoption of the payment by phone. 100% chance of widespread within two years.
It is widespread in Europe, but to support transactions, something more can be added. As a person buying products (think facial recognition) or their fingers (think optical fingerprint).
Prediction 2-adoption of RFID down to the item level. 60% of widespread within 2 years.
The cost of RFID tags has continued to decline, it will be possible to add them to each object. Sown in each Lap, each collar, each bottle of vitamins and each CD case. And not just one bit tags used to sense that something is going to pay for, but keep track of if the item was ever paid. Some thieves return goods and ask the credit store, effectively launder their thefts.
And someone will have to sell all of these new trading systems and scanners. Oh I love the smell of a new opportunity.
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