Comment Re:Why do they have this data in the first place? (Score 1) 27
Chip and PIN cards don't work at most U.S. retailers today, but as of October 2015 the Payment Card Industry has scheduled a change to the contracts to in what is being called the "liability shift". It means that whoever has the least security in the payment chain will be held liable for non-payment or fraud for the charges incurred. So if Home Depot doesn't accept a chip card, and your bank's card has a chip on it, then Home Depot will be liable because their system is the least secure. Or if Home Depot's systems are able to accept the chip cards, but your bank's card doesn't have a chip, then your bank will be liable. This penalty is a huge financial incentive for both retailers and banks to upgrade the security of their systems to fully support Chip and PIN by that date so they don't get left holding the bag.
Once Chip and PIN systems are deployed to most places, they will begin requiring the removal of mag stripes. That's when the final pieces of security will kick in, and account number theft will be essentially eliminated.