In 2007, in one of the largest recorded credit card frauds in
history, the TJX group (which includes T.K. Maxx in the UK)
discovered that the details of almost 46 million customers had been
stolen from their servers in both the US and UK, made possible by
issues in network security, then used to create dummy cards. Albert
Gonzalez, the man behind these thefts was jailed in 2010 for 20
years for this and multiple other credit card frauds. Since the
inception of the payment card countering fraud has been a driving
force behind technological innovation in the area.
In the early 1900's, the most valued customers of US
businesses were issued paper ID cards that they could present in
place of immediate payment, enabling goods to be bought on a credit
arrangement. Security went as far as recognising the person holding
the paper. Fast forward to 1950 and cards from companies such as
American Express were introduced, with features such as embossed
printing added, all aimed at
