CUNA Seeks New Data SecurityStandard
WASHINGTON - (06/01/06) -- CUNA is working with lawmakers tohave enacted into a law a key data security provision that wouldrequire all retailers and other users of credit card transactionsto destroy account numbers and other personal informationimmediately after use. The provision, supported by credit unioninsurer CUNA Mutual Group, would require retailers to destroy thepersonal data after they receive confirmation of a transaction,according to CUNA lobbyist Dean Sagar, who is discussing theprovision with key lawmakers in an effort to get it included inpending data security legislation. The requirement is currentlypart of the Payment Card Industry standard enacted by MasterCardand Visa, the two biggest players in the payments industry. But ithas been found to be widely ignored by retailers. CUNA Mutual hasfocused on the requirement as one of the most effective ways toprevent the theft of credit card data by third parties. "This isone of the few pre-emptive things that anybody is talking about,"Sagar told The Credit Union Journal. "There's no reason for any ofthat information to be retained after the transaction iscomplete."