Unfortunately this Red Tape article was written without any mention whatsoever to the chip and PIN requirement for cards outside the US.

Could a hacker steal enough information from a store you’ve shopped at to print up fake debit cards in your name and withdraw cash from your checking account at an ATM? Even if you’ve never told a soul your PIN code?

In fact, said the Justice Department last week, it’s already happened, possibly to millions of people.

Let’s face it, antiquated American payment cards have been a technology embarrassment for years, just like the primitive mono-tone one-size-fits all bills.

The systems outside the US not only are more modern in terms of security controls, but also more consumer-oriented, and even less invasive (better privacy).

Consumers in America deserve(d) better. The real story is why they have not been offered a choice.

Banking regulators and Congress have coddled the industry, which has worked its will over the past two decades with an army of lobbyists and more than $200 million in campaign contributions spread around Washington.

There is a slim chance that America could get wise and regulate financial security more carefully:

A critical test for reform came last month in the House Financial Services Committee, where Republican members tried to amend a “Credit Cardholders Bill of Rights” into oblivion or replace it with a meaningless statement commending the Fed’s proposals. Instead, two Republicans, Reps. Christopher Shays of Connecticut and Walter Jones of North Carolina, joined 37 Democrats, led by Rep. Carolyn Maloney of New York, to hand the banking lobby a rare defeat.

I think it should not be called a banking lobby defeat, when in fact some in banking support regulation. Perhaps I am naive to think that the banking lobby does not fairly represent all of the broad interests of banks in America, but I see the reform movement as a genuinely positive step towards bringing some balance back to the industry.