Hello Mark Hughes Super Bowl last night I had admittedly a rather strange thought. I just read the that afternoon. That in a couple of cities in this country. They're doing flash mob you know where that is where they notified show there over and Seagram in order to meet certain pleased with certain. I'm trying to draw a big crowd to. And Dave were trying to do it in and -- church. There and try and improve attendance. And so it's Super Bowl it's now or Egypt. Sports. Have been some former fashion. Replaced religion. Of course I grew golden got a couple of studies that suggest that may be the case some who have. One of the officers. One of the authors with news. Professor of religious studies at Saint Francis University. Second -- with the 12 o'clock hour look at something bad fed is interesting. That you wouldn't think it would have talked about California got a heck of the ground. Cut seventeen rural areas can run -- Warner. Within a month to four months millions more of threatened because the yeah it's knows what were what they expected. And they're not sure. There's going to be you know pro welfare and you think that would be a problem but they also have problem in the call broad river basin. It's drying up. And one of the ideas of Las Vegas and some of the legislator doors and Colorado. Is to put a strong in this city were. Would choose or drinking or so will talk to -- senior reforms surged well. In the local institute watered them prodding get a better idea of what's happening on the clock. Than usual. A situation. Which side you come down BP's so -- horrible Warner's. Come to -- tours and we're told by these big heads that BP's taken out all over the country. In major national publications. That'll Louisiana. Art show so far retail outlets from ripping BP off. Lying about -- manager in the BP won't suit. And there have been charging some borders with having done -- and will have more honorable warriors rep presenting the warriors. It and the show's studio 11 o'clock prone to get a better idea of what score rob I think some. Is really good -- This hour news is based on something you're -- member of the bid target -- markets and several other. Major retailers hit during the holidays. Stolen credit cards. During a little reading. Find out here in the United States. -- -- -- only 27%. A record trends actions in the world. What were responsible. For almost 50%. Of the court fraud and -- read notes over and some countries for many countries in Asia and Europe. I got this information from blue chords dot column among a number of other errands. But bill particle Pelosi ego problem -- dot com is good available talk to a sort of thought -- get better educated bill welcome to the show. Good morning -- thank you for -- You know book before we get and should have -- I was reading about it -- Switzerland world would be. Rich and powerful men columnist in the brightest minds. All gathered to determine. What to do about everything from -- won't. Warming through such a thing of course and and and banking. Credit cards and everything. And the consensus it came of it was. Credit card. We're going to increase in continues so and it's just too expensive to. Safeguard against the jury that in so what do you. Well there. A lot of people that -- saying that the banking industry is a little bit slow in making a big change. In the credit card technology. Because. The research shows that. Fraud only account for about five cents out of every hundred dollars that people use on a credit card. But this ship to go too -- much more secure. Credit card away from the magnetic strip which is what we have here in the United States. -- it -- cart which is what they have in Europe would probably cost anywhere from fifteen to thirty billion dollars. Our economy if you don't mind let me separate -- they're gonna take a break but when we come back. Regular bright their number one what is the NUMB credit card is -- Cause that much to convert to it. But -- the benefits. Coming right back Cullen -- with the we call of the thing to think about credit card bill the kind of occurred at target Neiman Marcus number of -- retail outlets purim holiday that is. And believe in terms of their card out there that maybe a large part of the answer to minimize these kind of occurrences. Already in place in Europe and Asia. And we don't call the experts to talk about it build horticulture street you'll low -- dot com. -- tell us about the EMP. Credit card what is. Or Garland wet -- here in America we use what's called a magnetic strip card if you look at the back of your credit card probably has. Eight black strip in the -- that strip is in -- it all sorts of credit card in. Information about your personal account all over Europe they have what's called -- EMB card. He has heard bureau paid MasterCard and visa. It goes is that developers. That EMB card and what it is is that David vetted -- In hand at magnetic strip. So every time it makes a little more difficult for criminals. To steal the data and uses for a another you know fraudulent transactions. What it is is that there's a a ship and -- here in the inside. That that car there as well as the magnetic strip. Commuted to -- number. We'll look -- number you have to use. The pin number. As well as. The card itself. So it's kind of 888. Double wall of security if you will. And what we have now and that is that they're all sorts of studies is that over in the Europe in the United Kingdom. Credit card fraud with down 34%. Win with these EMB cards were used in the past. So you -- if they MB cards -- standard. According to the information you sent to a house. Standard throughout Asia and Europe. And there's the 34%. Reduction in Europe. And an -- card or visa and MasterCard what we have here. Well that is very good questions. There's a little bit of push back from the retailers in the issuers to convert. I hit it cost a lot of money for it used to yet a brand new credit card with a chip in -- it. So that issuers. Are would have to incur a fairly substantial amount of money to convert everybody over at that. And secondly. Retailers -- apt to have brand new processors. To accept that EME cards. So that you know you can imagine yes. Bob spy shop down the road which only that the couple transactions. A month on fixing bikes. He -- they have to pay a couple hundred dollars just have a credit card process due credit card process there. They may be a little bit reluctant to that. Similarly. Large retailers that have. You know 102050. Different cash registers. Located throughout their -- stores might be fairly reluctant to take on that cost. So differently if you have an EMB card and how's the chip and the magnetic stripe. You can just go through grocery store line that has only a magnetic stripe it wouldn't work on and -- MB card. Well it. Billy would work. If if you have a magnetic stripe card that you try to take that over to Europe there processors. Might not hate you work hard because. Bears that out for the chip and pin that that EMB card here in America. We we haven't converted over to that. -- -- -- -- But eventually you correctly. The MB card would still work on what we have here in America. It would because there is a magnetic stripe yet. We're up one with a bicycle shop -- those two. Transactions. Today. Why would they even go for the the new system they just people that god can still be able except in the credit card. Well I think that thinking is is that. If credit card issuers start to get behind -- EMB card they will put out. How secure this party is which for almost force every retailer to. Get a credit card processor. With consumers thinking hey. I don't want that use my credit card on an insecure on an unsecured processors. It'd it is getting intrusive though because pure -- today has long article. Where retailers. Are seeing more and more people use cash because what happened that target Neiman Marcus. And the lineal in particular talking about using cash. If if if a movement starts where people don't trust their credit cards anymore. Are they going to be even more financially. Injured Bob what's going on then converted. Two more secure card. -- -- -- I do believe that will happen now have a big effect on the economy there are studies out that show is. Consumers. Do not use credit cards they. And last. Now that that's not necessarily a bad thing for consumers but it's bad for the economy because that we are spending plan. In the economy is not growing in the people's. People's jobs may get cut back. You know stocks won't go out as much ticket will be. The good economic climate as much good economic climate is there is. If people are spending more freely so that would have a dramatic of that the economy. And it and it's so we're in pursuing. Couple weeks ago reading. World a lot of these hackers. Already have millions and millions and millions of -- even before target and Neiman Marcus. And they should check cure big segment every. Month. Because if you see something that since two dollars and ninety poor students go to take a look at it because -- tagging those dog. To millions and millions of built boats. The bank so questioned them in most cases neither do. The people that have the carts. But. If it becomes evident and and get communicated to the American people. That by charging -- and he poured their stealing hundreds of millions of dollars. Toward more -- in OK don't wanna use the credit card. That so we don't confuse cellphone law single embryo and pay for certain things it's more convenient but it's just student interest to you see in the of that. Well we did see that he's -- there is date at big gear right now that this. Specific amount -- nine dollars and 84 cents. -- that he. The federal authorities are. Actually encouraging people to look at their credit cards. Statements -- that debit card statements for a nine dollar and 84 cents an hour. Because what's happening is that. You know. Actors are getting years and they they typically try and put through a very small amount two -- yet winners. As of fraudulent charge. Trying to -- that credit card account is still open and at that small charge goes through this typically at the ten dollars. And that nine dollars and 84%. If that if that small print actually goes through. Bet they'll put through a much larger transaction knowing that they haven't and alive and active account. In this and pretty soon the American public feels forced. To have to put away the credit cards and. Well -- You know I think we need to make sure we understand that. There are all sorts of protections on credit cards if you have been asking him. Your liability. On a credit card account is a maximum of fifty dollars in so many cards had zero liability. Chances are the credit card issuer rules we play that card for you -- in the credit card you're much safer than using. Tasks which could get he could get stolen out of your wallet or purse -- debit card. I -- car. It so much more secure transactions. -- anything else but they're all sorts of other protections. Like price protection. The key piece of additional -- -- that other. Forms of purchased don't use of credit cards. Our wonderful tool they're they're in the news right now because there are so many credit card and debit card -- right now. Bill can we -- your Peru and other -- and that our. Come right back talking to bill -- coffee you'll little cards dot com. -- with -- problem that we call to -- Remember the credit record posted targeted in the Neiman Marcus and number -- other retailers during the holiday season that's well worth thinking about right now. In the -- is low cards dot com. Information that says. The Yemen and its its accounts for only lead 27%. Credit card transactions in the world. But were responsible. For going on -- percent. Approach record fraud. And we've got PO CEO of -- cards. School particle with -- bill and yeah I think and -- the -- who do sales of one. Often understood the is that somebody's usury credit card. You're only responsible. For certain amount of the charge right. That's correct those postcards have a fifty dollar liability. Limit. Number of cards have a zero liability -- Well did the shorter and stadium and a -- have a target Neiman Marcus. A -- about -- all over the world in particular Eastern Europe. That got those cards it and they do something -- -- and they sell it again and that something -- it and they sell that again. And that goes on 102030. Times all around the world. Who who pays for that in how does that work. Well -- if you work credit card Garland is stolen and you're the reliability and it's fifty dollars is -- that. How well we're -- that they are easily liable for that but let's get really -- get very honest. We as consumers. And potentially paying for all of that. Because of that they have to eat those costs. And or an insurance company has to eat those cost the insurance companies going to raise their coverage -- If the page at that hat is separate some of those losses. They're going to try it -- bear stockholders happy they're gonna raise their rates and raise their V. In some way shape or form. And work at a pace -- as consumers. So eventually we got paid for it. Directly. But we're going we the consumers are going to -- -- in direct. Republican to -- to increase rates. Ought to be a higher interest rate on your credit card it could be in indirect costs like you're. Checking account which might be free all of a sudden start to have -- three dollar monthly charge on. He put these. You are you know the credit card fees that your actions audiences goes. It could be here over the limit the what you go over the -- on your debit card or your credit card those fees go up there are indirect costs that are. Way that they can raid there. Costs or fees or rate over here to pay for a problem that might have occurred over there. So it is sending exaggeration -- rebuilt the gangs where that they Europe South America Asia where there are all over the world. When rates Q1 credit card down that credit card. Get reproduced. In resold 51020. Times is that correct. Well I. You know I I have I have read that I find that a little bit hard to believe to be honest with you that it. It may -- pass -- -- he goes to many different sources. Said the cards are a lot more valuable on media. If there is a car that. You know that is that is very high quality. High credit. Gore type of car. That car is worth a lot more on these credit card site. By criminals. Then that. That car that may be good opening. Qualified very. Low credit cards -- credit score. So it depends on the credit quality of the car to the lower the quality below with those lower now it's going to that among criminals. Some cards are only worth the few -- Other cars there were. You know 102030. Maybe even a hundred dollars to a criminal. Again for the struggling live. The reason we don't use the in the credit cards that they use in so mirrors of Europe and Asia. Is is that to implement that technology here would cost between fifteen and thirty billion dollars. That's correct there it their all sort of caught in terms of converting. Issuers with -- convert everybody's car overtook that. And they're starting to. And credit card. Processors would have to change in order to. Be as secure as possible in order to take those chip it in cars and to be used to there maximum effectiveness. Loretta was wrong arrested ten more minutes and need ten more minutes. So stay with the we're coming right back. The credit card and a talking about what it means -- long term short term stay with us Garland -- this is -- -- -- -- -- -- -- 153. -- Remember wind targets have been initially forty million credit card and debit card duo of records stolen turned -- the hole and more than that. -- the markers to a number of all the retailers. We're looking at what could be done and what could be done some big golden EMB credit card user in Europe used in Asia. There are episodes. Of target mean mr. Morgan's -- Attacks have gone down while our words are going up. We killed parole only 27%. Credit card transactions in the world responsible for 47%. Of for the record for. And we've got. These CEO of low cards. Dot com bill hardly call with a a bill before on -- questions let me bring in one of listeners that a question of the vote. Jim -- bill -- appreciate the call. -- Question as -- these are good at and that we're already require. Restore. Jean jacket. Bit object probably should just back. -- -- -- important candidate to. Call it. You. Security numbers picture where I. -- Number two was. All about you have. Well Jim thank you for Colin. A couple things one is black and should remember when we used to use their credit card and every but he apt for the driver's license. I don't know why people don't view that more often now one of the things that I need to point out is. You know when it comes to that target. Act. And some of the other fraud that's going on right now. Some of those species has stolen your personal information. They have you're. To -- they have your -- they have. City state zip code that you are. Are actually living here. So they can take your credit card number in your personal information. And make. Driver's licenses. It was they but that just happened the last week live it down in Florida. Where. That these were producing thousands and thousands -- not just credit cards but driver's licenses with holistic. Stickers on. So -- it is the whole thing. And so that's one of the one of the -- -- just asking for a driver's license. In these it got pretty sophisticated it might be able to make up fake driver's licenses. That's sort of gonna ask about next week we may not have to worry that -- about credit card because of room responsible for a fraction. Well what -- get spent but. By the same token there's stealing our identity and most of the people we've -- on the show -- three year process to get your identity back. I mean -- all of the minuses. Of not using credit cards. -- that the red eventually Biden's. Well that is very good point you know that there were really to target -- that occurred what was for forty billion. On your credit and debit cards and the other was first -- at the million consumers. That happened on your personal information any coordinated. Within seventy million email account. What you have to really put all these pieces together if they have separate your personal information. -- your. That looked exactly like something you'd get from your bank. Or hate how or something from a financial institutions. And it comes right to -- so it says Garland. And it has here not only name as your home address. And it he peeled right to -- and it looks like it's coming from eight hour your bank. And it says lately -- update your information. Can immediately you know with all can't go -- -- please. Putting your you know your personal banking information so we can verify it and you think it looked so. We feel and it's coming right that your personal email account which -- good and it didn't that that the real concern. Bad debts the company a look at where this whole thing and I have that question. We over hitting tipping point where people say. Hello my credit cards or their mega. Convenient but I just can't take the -- and it's. A gore threw two or three years of experience and no sleep I mean expenses. And not sleeping because somebody stole. Not just my credit card -- my -- didn't it. And the question as it is. If that kind of thing become. More evident we begin to know more people that it's happened to. Or will people goes something like that courts as an alternate. Well there's a lot of it here rests with the hit point two of these those that are. Those those are a digital currency and that you know that. I think will be the next round of things that the deal. But it will if -- -- see your question there are there are some problems out there with fraud that is not just credit cards. You know it is -- debit cards also and if we as consumers. Do. Shy away from that that will hurt the economy. We -- Necessarily. On the hook -- but the fraudulent charges. That are coming out on those credit cards. That's something that the banks I think will eventually. Change that that the credit card technology. To make it worse secure and I think that would help not only that banks. Help cut down the fraud but it will also eat the very strong benefit that credit cards you provide consumers. In the form of other protections. Or reduce the whole our aware of this one -- to people far and what border Alcan the benefit by going to low cards. Dot com. Well -- part that as a free consumer resource. Let's say that the credit card industry is very complex we try to make it very. A lot easier for we compare all thousand credit cards is that there are the United States. Plus we give you all sorts. Information about what's happening in the credit card -- history on our along. So let that free consumer resource. Feel free to research all the credit cards that you like if you wanna apply for credit card you can do so right on our web site. Quote question should people use debit cards. Well there -- there's some great reasons to have debit cards debit cards to limit. The amount. -- that you can -- because you limited to what you have in your checking account. The protections are not as great -- debit cards as they are credit cards but the drawback to credit card is that you have this. Huge financial penalty if you don't pay it back on time in full every month called the interest rate at eight PR. So if you have. Challenges. If you were personally challenged by keeping your spending in half. An eight debit card is much smarter disease that a credit card. Bill always have pleasure have really show. You have great -- appreciated time. Coming right back governor bill -- celebrity idea 153. You have to.