arogan
06-20-2005, 07:12 PM
40 million compromised credit card accounts, from Visa, MasterCard and other card issuers.
http://www.nytimes.com/2005/06/20/technology/20credit.html?hp&ex=1119326400&en=d0b4ff6a62629204&ei=5094&partner=homepage
"We should not have been doing that," Mr. Perry said. "That, however, has been remediated." As for the sensitive data, he added, "We no longer store it on files."
....
In addition, the data lost in the CardSystems case was apparently not encrypted. "If it was encrypted, the hacker would have gotten data but would not have known how to read it," said Mr. Lawrence of Auriemma Consulting.
....
Zero liability for customers means that fraudulent charges come out of a bank or store's coffers in the form of higher merchant transaction fees. "The retailers will pay for it and the issuing banks will get rich off it," Ms. Litan said. "It's just another revenue stream."
"What is the incentive?" she added. "Staying out of the newspapers."
Ok the whole credit card system is SERIOUSLY broke. How do companies like CardSystems stay in business? Why isn't there any serious repercussions? Oops my bad is NOT an acceptable response.
http://www.nytimes.com/2005/06/20/technology/20credit.html?hp&ex=1119326400&en=d0b4ff6a62629204&ei=5094&partner=homepage
"We should not have been doing that," Mr. Perry said. "That, however, has been remediated." As for the sensitive data, he added, "We no longer store it on files."
....
In addition, the data lost in the CardSystems case was apparently not encrypted. "If it was encrypted, the hacker would have gotten data but would not have known how to read it," said Mr. Lawrence of Auriemma Consulting.
....
Zero liability for customers means that fraudulent charges come out of a bank or store's coffers in the form of higher merchant transaction fees. "The retailers will pay for it and the issuing banks will get rich off it," Ms. Litan said. "It's just another revenue stream."
"What is the incentive?" she added. "Staying out of the newspapers."
Ok the whole credit card system is SERIOUSLY broke. How do companies like CardSystems stay in business? Why isn't there any serious repercussions? Oops my bad is NOT an acceptable response.