CUNA Seeks New Data SecurityStandard
WASHINGTON - (06/01/06) -- CUNA said Wednesday is working withlawmakers to have enacted into a law a key data security provisionthat would require all retailers and other users of credit cardtransactions to destroy account numbers and other personalinformation immediately after use. The provision, supported bycredit union insurer CUNA Mutual Group, would require retailers todestroy the personal data after they receive confirmation of atransaction, according to CUNA lobbyist Dean Sagar, who isdiscussing the provision with congressional members in an effort toget it included in pending data security legislation. Therequirement is currently part of the Payment Card Industry standardenacted by MasterCard and Visa, the two biggest players in thepayments industry. But it has been found to be widely ignored byretailers. CUNA Mutual has focused on the requirement as one of themost effective ways to prevent the theft of credit card data bythird parties. "This is one of the few pre-emptive things thatanybody is talking about," Sagar told The Credit Union Journal."There's no reason for any of that information to be retained afterthe transaction is complete."