Visa and MasterCard team up to improve credit card security
Long time rivals Visa and Mastercard are working together to create a special group that will set industrywide standards in order to improve credit card security. The two companies began talks about improving credit card security more than a year ago.
The thought given a new push after a credit card breach at CardSystems solution left 40 million people exposed to possible fraud. This is a good deed by both Visa and MasterCard. It is very important to have credit card data safe and secure because of fraud.
Two longtime rivals in the credit card business are working together to create a private group that would set new industrywide security standards as early as the middle of this year, a MasterCard executive said yesterday.
Security officials from Visa USA and MasterCard International began quietly meeting early last year to discuss the best way to improve data security. But the high-profile disclosure of a security breach at CardSystems Solutions, a tiny payment processor that left 40 million cardholder accounts exposed to fraud, has given the effort a new push.
Visa and MasterCard executives have separately proposed the idea of an independent standard-setting body that can certify that member banks and merchants have met certain guidelines and standards.
“We have had preliminary conversations, and it would be a good idea to have these P.C.I. standards in an open standards body,” said Chris Thom, Mastercard’s chief risk officer, referring to the payment card industry rules. “There is no reason that this shouldn’t be done.”
On March 19, 2006 at 6:32 pm, Deblogger wrote:
Great site! Thanks for the information! I’ll keep checking back.
On March 24, 2006 at 5:33 pm, Kane wrote:
That’s a good sign. Showing teacm spirit. And I hope it works in future.