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The largest merchants operating overseas will have less than two years to secure credit card transactions, Visa announced on Monday. Visa Risk Manager will address fraud losses and help issuers approve a greater number of legitimate credit and debit transactions. More than three-quarters of large U.S. merchants, and nearly two-thirds of medium-sized retailers, are in compliance with the Payment Card Industry Data Security Standard (PCI DSS), according to Visa. Embattled retailer TJX Companies - the parent of TJ Maxx, Marshalls and other well-known outlets - has agreed to a nearly US$41 million settlement with Visa. Visa has doled out some US$880,000 in fines to a Cincinnati-based acquiring bank that retail chain TJX contracted with to process most of its credit card transactions. The Foreign and Commonwealth Office (FCO) has been found guilty of breaking data protection laws after a security lapse on a visa application website. As the Payment Card Industry's data security regulation begins to bite, Barry Mansfield examines its aims and obligations. The Payment Card Industry (PCI) Security Standards Council has officially taken over control of a new data security standard from Visa. Chip and PIN credit cards are hitting Australian shores. Negar Salek, demystifies the emerging secure payment technology and its potential benefits. The black-market price for stolen credit and debit card details has dropped to as little as US$1.50, according to a newspaper investigation. The opening ceremony for the much anticipated Beijing Olympic Games is only hours away and security experts have sent out an eleventh hour warning to internet users – ‘think twice before you click.’ As the dust settles from one of the largest data breaches since TJX, few fresh details emerged one day after Hannaford Bros. supermarket chain revealed that intruders stole some 4.2 million credit and debit card numbers from its computer systems. Opting to use a PIN number for credit card transactions over a signature won’t necessarily improve security nor minimise fraud rates, according to the PEN or PIN project manager.
The organisation charged with directing the Payment Card Industry Data Security Standard (PCI DSS) announced the second version of the credit card protection guidelines is scheduled for an October release. Discount retailer TJX, parent of T.J. Maxx and Marshalls, has agreed to a US$24 million settlement with MasterCard over a security breach that left tens of millions of credit card accounts at risk to identity theft. TJX and three bankers groups have settled a lawsuit over costs related to the discount retailer's record data breach that may have exposed as many as 94 million accounts, the parties announced Tuesday. The Foreign and Commonwealth Office has closed its online visa application system after a security breach last week left thousands exposed to identity fraud. When we think about IT saboteurs, most of us picture a professional cyber-criminal or hacker bent on stealing confidential information or wreaking havoc. In both cases, the perpetrator is an outside party who breaches the data network of a company, institution, or government entity with malicious intent. The Payment Card Industry Data Security Standard presents serious legal challenges and risk for retailers. In spite of efforts to halt electronic fraud, the internet has remained a dangerous place to do business, according to a report from the European Commission.