When you deposit money into your bank, you can rest assured that it is safe. Even if your bank is robbed, the Federal Deposit Insurance Corporation (FDIC) protects your account through deposit insurance worth up to $250,000 of each account holder’s investment.
Created by the Banking Act of 1933, the FDIC was put in place to protect the consumer’s investments. Essentially, it is an additional layer of protection; insurance should even the thickest of safes become compromised.
Protection beyond physical means was the impetus for the Payment Card Industry’s creation of the Data Security Standard.
The Danger of POS
Much like late nineteenth century banks were easy prey for bank robbers, point-of-sales (POS) machines have become a hacker’s favorite tool for theft.