It is becoming evident that we can not withdraw cash from an ATM or make an EFTPOS purchase in a store with any degree of confidence that we will not become the victim of a " skimming " bandit.
At the moment, the banks are taking the loss and - after a delay - restoring the missing money.
What we are witnessing is a technology battle. The brilliant human minds that developed the computer and the internet are besieged by equally brilliant criminal minds that are devising ways to penetrate its security for their own purpose.
It is a battle that will never be fully resolved because as fast as one solution is put in place., human ingenuity triumphs in devising a new way around that obstacle.
Unfortunately we have reached a point where we simply can not do without the computer in handling our money and our commercial transactions. There is no going back to signing cheques or buying goods with credit provided by individual stores.
The present mess could be made a lot easier if the banks were prepared to put their hands in their pockets and engage the bandits with the newest technology available. Devices that read fingerprints or the configuration of the human eye offer far greater security than a PIN - but that also costs a lot more money than the present system.
In the end, it will all come down to a simple matter of profit - or loss !
When reimbursing customers starts to hurt the bank's bottom lines you can be sure the decisions will be made and state of the art security systems will appear.
But don't think that will happen without cost to you - the customer !
It is hard to determine who are the bigger thieves - the banks or the bandits who plunder bank customers.
Just watch those bank fees escalate to cover the cost of security updates - when that eventually happens !
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