In the past two years two of my credit card numbers were involved in three security breaches at three separate retailers. And as entertaining as this Ashley Madison episode is (40 MILLION MEMBERS?!?), one has to wonder at what point to people lose confidence in the security of traditional financial services companies. I mean, there are alternative currencies out there, and while they have their own issues they seem far more secure than the traditional checking and credit card system. One has to wonder if there is some tipping point at which confidence in credit card and information security is so low that it starts a mass exodus in favor of cryptocurrencies. This would have huge ramifications, not just to Visa, Mastercard, and American Express, but for world financial markets and global currencies as a whole.
In the past two years two of my credit card numbers were involved in three security breaches at three separate retailers. And as entertaining as this Ashley Madison episode is (40 MILLION MEMBERS?!?), one has to wonder at what point to people lose confidence in the security of traditional financial services companies. I mean, there are alternative currencies out there, and while they have their own issues they seem far more secure than the traditional checking and credit card system. One has to wonder if there is some tipping point at which confidence in credit card and information security is so low that it starts a mass exodus in favor of cryptocurrencies. This would have huge ramifications, not just to Visa, Mastercard, and American Express, but for world financial markets and global currencies as a whole.