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MasterCard Urges Merchants to Increase Security of Credit Card Customer Data

by Peter Andrew

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MasterCard

Urges Merchants to Increase Security of Credit Card Customer

Data

Teaming with rival Visa to protect information, according to

NY Times

On the heels of several high-profile customer information leaks

that left the data of millions of credit card customers vulnerable

this year, MasterCard has launched a new program that uses a

mix of incentives, tools and education to help merchants safeguard

consumer data. In addition, the New

York Times reported on Thursday that MasterCard and Visa

are working together to create a group that would set industry-wide

security standards.

Last

year a number of security breaches left card user data vulnerable

to theft, most notably one that put 40 million accounts at risk

at CardSystems Solutions, a payment processor.

On

the incentive end, MasterCard is offering lower interchange

rates on online transactions when merchants use MasterCard's

SecureCode program that gives cardholders the ability to use

a unique security code to authorize online transactions.

On

the tools end, MasterCard is offering free "vulnerability

scans" of merchant networks to point out potential security

problems.

On

the education end, a series of trade ads, "Webinars"

and a new security Web site will be available to help merchants

understand security issues and where to go for help.

According

to the New York Times report, security officials from Visa and

MasterCard began meeting early last year, and executives from

both associations have separately mentioned the possibility

of teaming up on a new standards body -- Visa CEO John Philip

Coghlan at a security conference in October, and Mastercard's

chief risk officer Chris Thom this week.

 

Published 01/13/06 (Modified 05/07/12)


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