SUMMARY: Target Corp. Chief Executive Gregg Steinhafel is calling on retailers and banks to adopt chip-based credit-card technology to better protect shoppers. But the debate was different a decade ago, when the executive was on the other side of the issue as Target pulled the plug on a $40 million, three-year program that did just that. Chip-based credit cards-in which a smart chip in the card works with special readers installed at stores-are widely used in Europe and Canada, making it more difficult for thieves to profit from the sort of massive data breach that hit Target over the holidays.
APPLICATION: The article can be used to discuss Target’s suggestion that banks and retailers adopt chip-based credit-card technology a decade after it abandoned a similar program. It can also be used to discuss why the U.S. lags Canada and Europe in adopting chip-based credit-card technology and how security could be improved for internet purchases.
1. How does Target Chief Executive Gregg Steinhafel want retailers and banks to make credit cards safer for consumers? How long ago did Target abandon a similar program?
2. Why do you think the United States lags behind Europe and Canada in credit-card security?
3. Do you think the Target security breach will spur retailers and banks to improve credit-card security in the U.S.? Why or why not? As an investor how could you take advantage of this opportunity?
Thoughtful detailed response to the questions.
1. Written work provides in-depth coverage of the topic, and assertions are always supported by evidence.
2. Written work is excellently organized. It has clear and appropriate beginning, development and conclusion. Paragraphing and topic transitions are also clear and appropriate.
3. Written work has few, if any, deficiencies in word selection and use, spelling and punctuation.
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