On Friday, people across the United States and Canada banded together to get through a crisis. Payment systems at corporate-owned Starbucks stores across the U.S. and Canada went down, leaving about 8,000 stores unable to collect money in exchange for food and beverages. While the crisis only lasted for one afternoon and evening, Starbucks managed to thrill customers by giving food and drinks away instead…and raised a lot of questions about the flaws in modern payment systems. [More]
This fall, credit card processors will being rolling out a new approach to preventing data theft, based on the assumption that it’s impossible to thwart every attack. Instead of keeping 100% of criminals out, they’ll segment and encrypt the data into such small chunks that it will no longer be a cost-effective crime.