Comments on: A Glimpse Into the Future http://www.2checkout.com/community/blog/newest/a-glimpse-into-the-future/ merchant account / credit card processing alternative Wed, 07 Jan 2009 23:28:15 +0000 http://wordpress.org/?v=2.3.1 By: rutgers http://www.2checkout.com/community/blog/newest/a-glimpse-into-the-future/#comment-47 rutgers Wed, 16 May 2007 17:51:09 +0000 http://www.2checkout.com/community/blog/newest/a-glimpse-into-the-future/#comment-47 My first reaction to the Texas Legislation is that it is pro-bank and was able to pass because of the strong Bank Lobby in the state of Texas. However, as I thought about this issue more, one question comes to mind: Should banks have to incur the significant costs of reissuing millions of credit cards to customers because of a breach in data security by a merchant? My first reaction to the Texas Legislation is that it is pro-bank and was able to pass because of the strong Bank Lobby in the state of Texas.

However, as I thought about this issue more, one question comes to mind:

Should banks have to incur the significant costs of reissuing millions of credit cards to customers because of a breach in data security by a merchant?

]]> By: keith http://www.2checkout.com/community/blog/newest/a-glimpse-into-the-future/#comment-46 keith Wed, 16 May 2007 02:43:54 +0000 http://www.2checkout.com/community/blog/newest/a-glimpse-into-the-future/#comment-46 These data breaches are inexcusable and are usually due to the fact that people are implementing horribly insecure websites and doing nutty things like storing card information in flat file ASCII text databases. The bad thing about this law is the fact that it is only allowing banks to be reimbursed for their costs. Banks have enough money and honestly I don't really care if they get reimbursed. Its the consumers whose identities are stolen that deserve compensation, and I don't mean compensation in the form of a year of free credit monitoring. They should be able to sue the company that caused the breach for the full cost of it, including the damage to their credit reports. The fact that 2CO is PCI compliant means none of us have to worry about this law and the possible legal effects it could have on us. These data breaches are inexcusable and are usually due to the fact that people are implementing horribly insecure websites and doing nutty things like storing card information in flat file ASCII text databases.

The bad thing about this law is the fact that it is only allowing banks to be reimbursed for their costs. Banks have enough money and honestly I don’t really care if they get reimbursed. Its the consumers whose identities are stolen that deserve compensation, and I don’t mean compensation in the form of a year of free credit monitoring. They should be able to sue the company that caused the breach for the full cost of it, including the damage to their credit reports.

The fact that 2CO is PCI compliant means none of us have to worry about this law and the possible legal effects it could have on us.

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