Submission + - Wal-Mart Sues Visa For $5 Billion for Rigging Card Swipe Fees
Wal-Mart also took a shot against Visa over payment card security. Data breaches last year at Target Corp., Neiman Marcus and others have drawn attention to the country's slow adoption of card technology that uses computer chips and PIN numbers and is seen as less susceptible to fraud than the current system of magnetic stripes. "Wal-Mart was further harmed by anti-innovation conduct on the part of Visa and the banks," says the lawsuit, "such as perpetuating the use of fraud-prone magnetic stripe system in the U.S. and the continued use of signature authentication despite knowledge that PIN authentication is more secure, a fact Visa has acknowledged repeatedly."