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Pragmatic Security: the history of the Visa card

I've been looking at the evolution of electronic funds transfer (EFT) and payment systems recently. My research uncovered a gem: about two years ago, David Stearns completed a dissertation that looks at the early evolution of the Visa card (originally "Bank Americard") in the context of other evolving electronic payment systems. Stearns' work is both readable and filled with interesting information.

Old BankAmericard logo

What I find most fascinating is that the card systems followed the same security trajectory as cell phones. The first cards, like the early analog cell phones, were  vulnerable to fraud. In fact, the cards were absurdly vulnerable to fraud.

However, the promoters believed that the long term benefits of electronic cash were worth the risks. They also assumed without evidence that they could fix the fraud problems eventually.

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