“I prefer to pay in cash”. Living in Florida, this is something I am hearing more often from retirees and my father’s generation. The reason is a lack of trust in technology. When I ask about using credit or debit cards, I am told, “Those things are not safe! You hear it in the news all the time. Look at what happened to Target, and many others where someone got the information.” True, this is in the news. In fact last night on Nightly News, they demonstrated how fast smartphones are being hacked in Russia, so now I am waiting for the call from my mother asking if her phone has been hacked.
I understand the concern and reluctance on their part. Technology is moving so fast and beyond what even I imagined in the 70’s, let alone the changes they have seen in their lifetimes. I also have an advantage, or sometimes disadvantage, of traveling extensively outside the United States and find that we are also behind the times when it comes to credit and debit cards. Other countries use smart cards with digital chips built in that offer additional protection while we still use the magnetic strip on the back of the card. They require pin codes on everything and they bring the handheld to your table for payment. They do not take your card away where you cannot see what is happening.
In my view, technology is a wonderful thing that has enhanced our lives in many ways. It is also the cause of many headaches when it is not managed properly. Could the smart card have prevented thieves from stealing the information from Target? It is difficult to say. What I do know is that on a personal level, and on a corporate level, all parties must be responsible for managing their information. Governance over information, process, and technology is key to information protection. While I am not willing to go the cash only route as yet, I am very much in favor of having to take the extra step of keying a pin code, answering a question or two, and other security measures to keep information safe. How about you? What level of protection are you wiling to use and adhere to when it comes to protecting your and your clients' information?
What say you? Do you have a story to tell? What are your thoughts on this topic? Do you have a topic of interest you would like discussed in this forum? Let me know. If you are looking for some great research information from our industry, feel free to visit our research site and download some of our Industry Watch Reports today at www.aiim.org/research
Bob Larrivee, Director of Custom Research – AIIM
Email me: blarrivee@aiim.org
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