Page 72 - Cyber Warnings

EFT has not been stopped, just wounded.

The ISO/IEC is an extremely vast and complex international technical organization setting specs
and standards. But due to intellectual property agreement ISO/IEC may not assess a nation’s
patent without obtaining formal permission from that nation (in this case the ANSI).

From investment perspectives, the basic payment card must be redesigned (by the ISO) and
the system software then redesigned (by the IEC) to prevent EFT, not just protect from,
throughout the financial cyber process (at the front-end, the middle and the back-end).

Business-wise, far more people make their legitimate living due to the existence of EFT (studies
and reports, education, selling protective goods and services, investigating and chasing) than
these criminals, their cohorts (e.g., human money mules) and victims combined.

Nobody in the U.S. has authority or capability to stop the crime.

Nobody until the ANSI grants ISO/IEC permission to assess for adopting the U.S. financial
cybertheft prevention technology (follows). Until then American federal and states taxpayers,
merchants and consumers will continue to pay around $1 billion/day due to the global EFT.

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THE ELECTROMECHANICAL “CYBER CARD” FINANCIAL SYSTEM

Utility Patent: Chanin No. US 7,991,695 B2 August 2, 2011: Interactive Financial Card System
Uniquely Suited For Conducting Financial Transactions On The Internet.

THE VULNERABLE INTERNET MARKETPLACE.

 Electronic financial theft (EFT) cannot be stopped by legislation, nor by blaming these
thieves and their many victims.

 The crime enabler is the archaic engineering of the identity-based card design.

 According to the U.S. Government (e.g., the President, GAO and CBO) around a $1
trillion per year is stolen and wasted worldwide due to EFT (a third from the U.S.).
 As global economies continue expanding into online 'cashless-commerce' so does EFT.

PAYMENT CARDS LEGACY.

 The original paper membership-credit card design (Diners Club circa 1920) was based
on accountable human-to-human processing and thereby security gatekeeping.

72 Cyber Warnings E-Magazine – September 2016 Edition
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