MasterCard Urges Merchants to Increase Security of Credit Card Customer Data
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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.
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