Perhaps the FBI should have stuck to catching bank robbers, rather than weighing in on bank cards. Last month, the nation’s premier law enforcement agency issued a seemingly innocuous fraud alert telling shoppers to use a PIN with new credit cards embedded with computer chips. Though the goal was to promote security, the bureau instead found itself ensnared in a decadelong dispute between banks and retailers, in which about $50 billion in annual fees are at stake. The blowback from both sides has been intense. Banks said they were...
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