Thread:Comments:Chip and PIN 'not fit for purpose', says Cambridge researcher/Those in positions of power shirking responsibility and lying?/reply (2)

Going back as far as 40 years ago, the Banks and Insurance companies have always been considered the dregs of high-technology. Sure they have massive computer systems, but they have consistently dragged their feet toward any reasonable security systems, not to mention modern accounting systems.

One can only assume that they intend to maximize profit against the cost of implementing proper systems -- even though, ironically, here in the States, banks very often forgive the charges to customers who dispute them. That must cost a huge amount of money, but they seem to prefer to avoid embarrassment in the press than to actually fix their broken systems.

They still wear the black arm-bands and green visors of their fore-figures... The story points out just how absurdly simplistic their technological thinking is. Amazing! but hardly surprising.