First we got the news that many Target customers were the victims of stolen credit card information starting on Black Friday through the middle of December. Now, last night comes the news that there was a major credit card breach affecting potentially tens of thousands of credit card customers in Boston's Seaport area ( particularly the convention center and a group of restaurants owned by one corporation).
Of course, these are just the latest in a long string of stories about credit card data being compromised. So, what is the solution? Do major credit card holders ( MC, Visa) need to be more responsible and vigilant? For sure, we as consumers need to be more vigilant. Do these type of things undermine people's faith and their confidence in spending money on credit cards..and does that in turn have economic implications?
Target offered ALL of its customers an extra 10% off their entire purchase ( some exclusions) in order to get people to come into its stores during their busiest season. In my opinion, 10% off is not enough to get me into any store during the Christmas frenzy.
I guess this is just another example why..at the end of the day...cash is king. I don't use my credit cards for eating out ( unless I am running a function) or shopping in stores simply as a matter of philosophy. However I have friends and family members who never carry cash and use plastic for everything.
It's funny. Over the past few weeks we've heard many politicians weighing in on Duck Dynasty...but not a one has come out in the news to comment on something that is actually a serious issue.