NEW YORK - (04/25/05) -- Plagued by a rash of recent securitybreaches, Mastercard, Visa, American Express, Diners Club and JCBCards are all requiring Internet retailers to adopt a new onlinesecurity system, known as Payment Card Industry Data SecurityStandard, by June 30, or face significant fines. The broadadaptation will require retailers to carry out a 12-step securityaudit, be certified annually, and checked every three months andcomes as a growing number of online thefts of cardholders' data isbeing reported. Last year, 163 credit unions were forced to recalltheir credit/debit cards because of a security breach at BJ'sWholesale Club. Two weeks ago HSBC warned 180,000 customers of itsGeneral Motors-branded MasterCard to cancel their cards in the faceof possible theft from retailer Polo Ralph Lauren. And just lastweek, Lexis Nexis reported that hackers had gained access to itsdatabase, possibly gaining access to customers' data. Among therequirements under PCI are that retailers: install and maintain afirewall; do not use vendor default passwords on IT products; provestrong protection of stored data; encrypt cardholder datatransmitted over public networks; install anti-virus software;control access to data on need-to-know basis; restrict physicalaccess to cardholder data; and frequently test security systems andprocesses.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
July 4 -
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
July 3 -
Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
July 3