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