Think Creditcards Have Better Fraud Protection?

Consider this case where a hacker accessed millions of accounts at major creditcard companies and how these creditcard companies took a rather nonchalant attitude toward the problem. What makes this such a large number of accounts is the consolidation of the creditcard industry. It also explains their complacency toward the problem.

Citigroup has been consolidating into every area of banking, and sharing customer information across businesses. To top it off they have been lobbying congress on issues that allow them more freedom to share customer information, rather than protect it. Since the 1999 Financial Services Modernization Act, banking has destroyed the intent of the 1933 Glass-Steagal Act prohibiting banks to participate in both wholesale and retail banking, which came out of the Great Depression to protect us from a repeat of the depression. It has also neutralized the 1927 McFadden Act that restricted interstate banking. This is not a consumer friendly operation.

It has also ventured into the MLM business, widely fraught with fraud, to sell investments. It is on a mission to consolidate power, and siphon off the wealth of Americans. That is why they issue creditcards. Creditcards have become the tool to accomplish their mission. They don't care one iota about fraud protection, it is only a public relations tool.