MasterCard Extends Triple DESDeadline

PURCHASE, N.Y. - (03/04/05) -- MasterCard International said it hasextended the deadline for all ATMs to be compliant with Triple DESsecurity code from April 1 to the end of the year for thosefinancial institutions that request it. A spokesman for the creditcard association told The Credit Union Journal the April 1 deadlinestill stands but MasterCard is providing extensions until Dec. 31on a case by case basis. Visa has also set a year-end deadline forTriple DES compliance. All credit unions and banks tied into theMasterCard or VISA networks are required to upgrade their ATMs toTriple DES--for Triple Data Encryption Standard --to replace theSingle DES systems currently used by ATMs to protect user PINnumbers from fraudulent activity. Credit unions are currentlyworking with ATM servicers to either upgrade their hardware orsoftware, while others will be required to replace outdatedmachines altogether.