Credit Card Rivals to Unite in Data Protection Effort

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00023798-credit-card-rivals-to-unite-in-data-prote/

By Eric Dash, New York Times

Two longtime rivals in the credit card business are working together to create a private group that would set new industrywide security standards as early as the middle of this year, a MasterCard executive said yesterday.

Security officials from Visa USA and MasterCard International began quietly meeting early last year to discuss the best way to improve data security. But the high-profile disclosure of a security breach at CardSystems Solutions, a tiny payment processor that left 40 million cardholder accounts exposed to fraud, has given the effort a new push.

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