Credit Card Industry Cracking down on Payment Security

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00003616-credit-card-industry-cracking-down-on-pay/

MasterCard and Visa are pushing merchants to guarantee that they do not store the large amounts of data processed in magnetic ?swiping? devices, according to a story in InfoWorld. On the heels of several high-profile security breaches involving magnetic-strip data, the credit card companies are moving to insure their customers? data is kept private.

After breaches at CardSystems Solutions and OfficeMax netted credit card data on tens of millions of U.S. cardholders, Visa and MasterCard want to require merchants to expunge tracking data and pass new standards that verify their systems are up to speed.

For this complete story, please visit Credit Card Industry Cracking down on Payment Security.