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The threat of innovation

The personal finance industry is constantly trying to innovate harder. Can investors deal with this threat?

The threat of innovation

Just yesterday, I read an article about an extremely thin card data skimmer that has increasingly been found in ATMs worldwide. The device is about 0.2 mm thick and can be installed in an ATM by a criminal by just inserting it as they would insert a card. Later, whenever anyone inserts a card in that ATM, it reads and stores the card data and the PIN. Unsuspecting customers insert their cards into such ATMs, and soon a large amount of money disappears from their bank accounts. Thankfully, this works only on magnetic strip cards. You should google 'ultra-thin ATM card skimmers' and see the photographs of this device. Even if one knows nothing about electronics, it's clear that the device has a highly innovative design and construction. It's the pinnacle of innovation in its field. So what do you feel


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