Who bears the greater responsibility for security breaches like the one with Target stores? Target is paying dearly for it in a number of ways, but maybe not entirely with justification.

A recent Wall Street Journal article pointed out that the U.S. card system is the least secure of any in the world, especially Europe. There they use the chip and PIN system, which studies show would cut U.S. Target-like security breaches in half. So why hasn't it been implemented here? Probably because it's much more complicated and expensive than it would appear to be at first blush.

The cost per card would be about 1,000 percent greater, depending on which study you believe. There's also the huge cost of buying new credit card machines at stores and restaurants.

Then there's this: the unintended consequence of the Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act caps recoverable costs in credit card security and other features to 1 percent, severely discouraging investments in credit card security.

What should be done? Clearly, cyber-crooks are way ahead of the current credit card technology, and if nothing is done, our bank accounts and online identities are at risk.

Steven Yorgaso