Credit Cards Strive to Regain Trust

Partially in response to the security breach at CardSystems Solutionsthat exposed the personal information of more than 40 millioncardholders, Visa, Mastercard and other major credit cards are finallyfocusing on securing personal information. The New York Timesreports that while some credit card companies have been able to reducefinancial losses stemming from fraud, they still struggle withpreventing theft of card data. The companies are responsible forensuring that all the big retailers, data processors and banks thatdirectly hook into its network meet its security requirements. But itis the job of the member banks to make sure that the merchants and dataprocessors they hire follow Visa’s rules. That is not always sosuccessful. Read more.