Card Processing Software May Store CC Info

An anonymous reader writes "Visa has sent out a warning to customers stating that some card processing software may keep customer data even after a transaction is complete. The setup, two versions of a software made by Fujitsu Transaction Solutions, is used by such companies as Best Buy, OfficeMax, and Staples. It's unknown if any of these large retailers use the poorly-made versions of the software." From the article: "Visa's warning, which was first reported by The Wall Street Journal on Friday, has raised eyebrows in the financial and retail sectors. The software was flagged at a time when thousands of debit-card holders across the country have reported unauthorized withdrawals from their accounts. Bank of America, Washington Mutual and Citibank are among the financial institutions that have replaced more than 200,000 debit cards in the past two months ..."

Comments

This is why cash won't die...

[chivo243]

not in the next 50 years... Until there is a "PERFECT" system in place for financial transactions, plus, too many remote "poor" areas that can't afford the other gizmos required for electronic payment. Long live cold hard cash.

Re:What is needed is the finantial version of HIPP

[TykeClone]

What is needed is a law that forces companies dealing with bank and finantial details (banks, credit card companies, card processors, insurance companies, finance companies, ATM providers, EFTPOS/credit card processing machine providers and so on) to take greater efforts to keep it secure, much like HIPPA mandates high security for medical records.

Banks already have that - it's the Gramm-Leach-Bliley act and purportedly is meant to protect customer financial privacy.

I think that the gist of the article, though, is that the merchants are not under the same regulatory burden - and that is where the weak link in the chain is at the moment.