Magazine article Independent Banker

Securing Data Security

Magazine article Independent Banker

Securing Data Security

Article excerpt

It wasn't too long ago when consumers would stand at the checkout, open up their wallets, take out their credit cards, hand it to the cashier and think nothing of it. Why? Because why would you? You simply swipe the card, sign and go on your merry way with a few bags in tow. It was that simple.

Well, it was that simple until news headlines started surfacing. The story was out-just in time for the holidays. On Dec. 19, 2013, Target Corp. announced that approximately 40 million credit and debit card accounts may have been impacted between Nov. 27 and Dec. 15. And, just after the start of the new year on Jan. 10, the Target investigation had determined that the stolen information included names, mailing addresses, phone numbers or email addresses for up to 70 million individuals. And then the very next day press stories noted that Neiman Marcus was also involved in a data breach similar to Target. Would the news ever end?

Then came the blame game. On Jan. 21, the National Retail Federation wrote a letter to Congress placing blame for the data breaches on the banks. ICBA was the first to speak out-hitting back with all its might. In a press statement, ICBA's President and CEO Camden Fine said that the NRF should focus its attention on responding to the harm that security breaches at several retailers have done to consumers and their financial institutions, and that it was the retailers and their processors-not banks-that are responsible for the systems in their stores that process payment cards. …

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