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01
Nov

Visa says, “Merchants Comply or Else!”

Visa made a pretty significant announcement today. Here is some context for what they are trying to address. Over the past few years, Point of sale (POS) systems used by retailers and restaurants have been a gold mine for criminals stealing credit card. This has been the case because certain POS systems have been designed to store prohibited information.

“Credit card information that cannot be stored includes magnetic stripe data, CVV (three digit codes), PIN’s, or encrypted PIN blocks.”

I figured the least they would need to store from the mag-stripe is the Track 2 data which includes card number and expiry date, possibly for settlement purposes. Anything more than that would be freaky. It’s good that Visa is taking this measure to eliminate or at least lessen the likelihood of credit card fraud.

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This entry was posted on Thursday, November 1st, 2007 at 2:34 pm and is filed under Security News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.