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US Fraud Warning

by msecadm4921

In the US, the fraud perpetrated and now exposed against Experian and other credit bureaus makes clear the risks associated with relying on password protection for securing information systems and databases, according to the trade body the Smart Card Alliance.

Randy Vanderhoof, executive director of the Smart Card Alliance, said: “The ease with which passwords can be stolen and distributed puts the integrity of virtually all of our nation?s information systems at risk. Any system where access is protected only by passwords is rich with fraud possibilities.?ÿ

Choose to act

According to the Smart Card Alliance, a solution is straightforward for those who choose to act.ÿ Companies and government agencies with a desire to lead in the area of information confidentiality and security are moving to smart card technology as a simple and convenient way to end this risk.ÿ Schlumberger, Microsoft, Shell and the United States Treasury Department all have initiatives that will require the presentation of both a highly secure smart card and a personal password before information and networks are accessed.ÿConsumers do not get to choose how their personal credit information and privacy details are protected in America?s information systems. They trust the corporate executives and information technology managers that control the flow and use of that information. Those executives that rely solely on password protection, like the nation?s? three leading credit agencies, are presenting an increasingly unacceptable level of risk to their customers and American consumers. If protection of clients and consumers is not sufficient motivation, they should perhaps think about the potential risk to shareholders from class action lawsuits related to information system security failures.ÿ

About the Smart Card Alliance

The Smart Card Alliance is a not-for-profit, multi-industry association working to accelerate the acceptance of smart card technology.ÿThere are specific projects such as education programs, market research, advocacy, industry relations and open forums.ÿVisit http://www.smartcardalliance.org

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