Can EMV Protect us from Cybercriminals?

Bruce Barclay

By now, we have all heard of the upcoming transition to “smart chip” technology for credit cards. The U.S. is one of the last countries to move to EMV chip technology–we are in year two of a four-year plan for the migration, with a target date of October 2015 for card issuers and merchants to complete their implementation of EMV chip cards, terminals, and processing systems.

The migration cannot come soon enough for many consumers. Consider the Target breach from November/December 2013. Target said the attackers gained access to customer names, credit card/debit numbers, expiration dates, and CVV security codes. The Wall Street Journal reported the thieves accessed the data from the magnetic stripes on the back of credit and debit cards. Would this have been the case if the U.S. was already using chip technology?  Experts say no.

At a recent Congressional Subcommittee hearing, Randy Vanderhoof, executive director of the Smart Card Alliance, testified about cybercrime in the U.S. In 2013, data breaches became more damaging, with one in three people receiving a data breach notification letter. This is up from one in four during 2012. The increase in cybercrime against retailers is partly due to the fact that magnetic stripe card information is valuable to hackers.

The black market price for several million card accounts stolen from the Target breach was between $26.60 and $44.80 each prior to December 19, 2013. EMV chip cards can reduce financial cybercrime by removing the economic incentive for criminals. Once we replace magnetic stripe cards with EMV chip cards, the risks of duplicated data and counterfeit credit cards will become a thing of the past.

IPI’s webinar, EMV and its Effect on the Parking Industry, will take place today at 2:00 p.m. EST. Sign up and plan to take part. Click here to read Vanderhoof’s testimony.

 

 

Every Day a Holiday? Maybe Soon for Airports

Bruce Barclay

Think back to the days when going to Grandma’s house for the holidays meant a quick drive across town. Today, it may mean driving to the airport, finding a parking space, and boarding a plane to get across the state or even the country. Maneuvering through airline checks and TSA security challenging enough–especially this time of year–but finding a parking space at the airport can be just as difficult.

Parking at airports for Thanksgiving, Hanukkah, and Christmas presents unusual challenges. Travelers are looking for deals on airfare and the lowest priced parking available, so they are willing to park in the lower-cost economy lots. The large influx of parkers in a span of a day or two often fills the economy parking space, forcing the operator to pack vehicles into every nook and cranny in the lot. When that fills, overflow lots and other creative parking measures are implemented. Most parking managers are happy to contain the traffic into their facilities and maximize the revenue for the holiday period.

What if this pattern became the norm and not just a holiday event? A recent article in USA Today cites a study projecting that within a decade, 24 of the 30 busiest U.S. airports will become as congested twice every week as they are the Wednesday before Thanksgiving. Several airports will experience the holiday-style crush twice weekly in as little as three years. Why will this occur? More people are traveling and airline consolidation has funneled more passengers through key hubs. Experts worry that if the congestion is not addressed at these airports, longer security lines, delayed flights, and unhappy consumers will be the result. Airport master plans will accommodate the necessary infrastructure to meet the demand for more gates, parking, and ancillary facilities. The larger question that needs to be asked is, what are the ramifications of this congestion, and how will it affect parking at these airports?