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Dollars to crack the systems. the basic difference is the card's carry in our wallets today have a magnetic strip and that contains all the data about the consumer and that's the same thing as an eight-track tape from 1960s or 1970s 1970s and and is easy to copy, and the signatures all there is. in europe they have a card that has a microchip in the card that protects the bank and makes sure the bank knows that is our card, not a counterfeit card, and then as an added measure to protect consumers, they require you to enter an encrypted pin that cannot be dupe preliminary -- duplicated or compa...

With the europeans. >> good afternoon. what we're saying is -- what we told congress earlier this weeks what we have been saying since this has been in the news, but for years and that is that protecting the consumer data and their private information is our most important priority. secondly, that all of the stakeholders have to play a role. so the retailers, the card issuers, the banks, financial institutions, and, third, at a minimum, we ought to move forward on this technology that we know exists and works very, very well, and in the uk and europe reduced fraud losses by 70%. >> how does it...

Generation or currents generation technology. we need to look beyond thought but we need to do pin and chip in the short term. >> amazing. people will complain about having to punch in a number, they'll argue it's not worth it. >> that's the conversation we're having, it's going to cost money and retailers are going continue vest billions in new point of sales -- >> going to cost a lot of money if we don't. >> that's right. and card issuers will invest in the card but it's a shared responsibility and and we want to be part of the solution. >> thank you very much. this just in. cold snap is goi...