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Credit Card Processor That Exposed Massive Customer Data Agrees to Run Tighter Ship

by Peter Andrew

Credit

Card Processor That Exposed Massive Customer Data Agrees to

Run Tighter Ship

Yesterday

the AP reported that CardSystems Solutions Inc., whose assets

were purchased by another processor, Pay By Touch, has settled

a lawsuit from the Federal Trade Commission that charged CardSystems

with inadequate safeguarding of consumer information.

Because

CardSystems doesn't technically exist anymore, Pay By Touch

will abide by the agreement that requires, to use the AP's wording,

"a comprehensive security program," as well as every-other-year

independent audits for the next 20 years.

An

estimated 264,000 accounts were fraudulently used for millions

of dollars in purchases after a hacker broke into CardSystems'

computer systems last year.

Published 02/24/06 (Modified 05/07/12)


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