Credit Card Data Attacks Questioned on Capitol Hill

The U.S. House examines the massive personal data hack of Target, Neiman Marcus and other retailers this morning.

One question that will be asked: why aren't banks switching to credit and debit cards with chips rather than magnetic strips?

Europe has show that there's far less fraud with those types of cards, but they're more expensive to produce.

The Subcommittee on Commerce, Manufacturing and Trade is holding a hearing this morning called: "Protecting Consumer Information: Can Data Breaches be Prevented?"

A Secret Service agent along with the Chair of the Federal Trade Commission are expected to testify along with executives from Target and Neiman Marcus.

Rep. Lee Terry (R-NE) is the chairman of the subcommittee. Here's an excerpt of his opening statement: “Millions of consumers are seeking answers to questions about their personal and financial security. I’m grateful to both Target and Neiman Marcus for agreeing to appear before our subcommittee today. It is my hope that they will be able to give the Subcommittee as a clear a view as possible of what transpired; what was being done to protect consumer information before these breaches; what steps have been taken to mitigate the harm to consumers in the wake of these breaches; and what more is being done to prevent such breaches in the future...Already, the U.S. accounts for 47% of the fraudulent credit and debit losses worldwide, while only accounting for 30% of the transactions."

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