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.
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