We opened up the WB a lot of -- again and we welcome at Putnam director of the financial markets laboratory at Niagara university and good morning. We are talking about their credit card hacking people losing all their personal information to cyber -- And may be losing money in the Brussels to bed do you think. People right now maybe. Maybe might have too much trust in their credit card companies and the banks who -- happening too frequently. Well he -- big problem is that the way we do business in the last forty years has really changed. The idea that. Most purchases or years ago -- me. But what -- -- credit card you would be at a place where you yet -- could ask for photo ID your there was some sort of personal interaction. I'll -- merchant. Right now that just doesn't happen. Anywhere. From a sixty to 70% of the transactions right now that are made are going to be made. Somehow over the Internet and all the credit card and you just don't eat the week as the person on the other and you don't know who they -- And yeah it's just the way that we that we do we do business unfortunately what's happened is we haven't really. Come up with a system. That makes sense that they can use today. -- Ed what do you make of the what seems like a proactive move. By banks including keybank -- first Niagara to replace credit and debit cards. After the breach at target even if the customer didn't request it. Well I I think it gets really move that there are trying to do to lower limit their liability the banks have the liability yet. The transaction has been made. Fraudulently. -- it -- yet if you all the banquet -- 68 the transaction being made they'll need to -- on those charges on your account. Now the bank has the right to be able to charge back to the merchant if they can. So the bank kept them ability -- they get it back from the merchant but. Often this results in the banks having to take the loss in what we need right now is it basically -- -- Probably as they've been releasing quarterly reports have been talking about how large their life has been. We really have a very primitive system. Credit cards in the United States compared to some other places in the world and got. I think that a lot of things for speaking it is an opportunity to upgrade to a much more secure formal transaction. -- so it's more protection for the bank and the consumer so if you if you've not received a new credit card that you did shop at target he didn't notice any problems. You don't you shouldn't necessarily requests a new card. Well you know what I don't I don't know that I played at night I say that -- Is -- -- he that you hadn't. Had a fraudulent charge yet what happens is that what you -- speed data breaches. Won't steal all the credit card numbers in the right there -- yep. -- information which it just turns out now up to seventy million people may have had that happen at target. And -- and those numbers get sold. Two people who have who want to use them for fraudulent schemes so. We're very often -- we use goes and talks after some of the publicity has died down so there may actually be people. Who had that information from you from target and who are looking to use it at some point maybe what you are looking. Maybe after all -- set. New information -- Baghdad so I would say it's always -- very proactive -- to be able to ask for a placement of your card. You know looking at your credit card -- statement. Is like being forced to read a bad book but it needs to be done right. Well you would need to be done and expect it. Yeah dignity and get and it hurt you can also help you because right now. You can go on the line all of the credit card issuers let you go online and look at the charges are your account. So get into the habit of going online and very regular basis. And taking a look at seeing what's been charged -- your cart. You don't have the week -- the credit card statement at the end of the month. You can also sign up with all of the -- now where they will up it will alert you of any suspicious activity. On your card whether it's -- mystique -- Whether or not it -- a result of somebody trying to scam. You -- able. It will allow you to set up for alerts and they'll actually call you were -- you talk oracle so. -- -- acted in -- in in the opportunity -- we stood -- car lot -- what happened with your card. And good whichever you this morning thanks for all of information have a nice weekend. It. Has -- -- director of the financial markets laboratory of Niagara University.