Red Flag Compliance Deadline Extended

The Federal Trade Commission announced that “creditors” will not have to worry about fines associated with non compliance with Red Flag Rules until May 1st 2009. A creditor is defined as any entity that extends, renews, or continues credit and any entity that regularly arranges for the…

Heartland Security Breach Shakes the Card Processing Industry

In 2005, a credit card giant was brought down by a massive security breach. It was said that at least 68,000 MasterCard account numbers were taken from the CardSystems database and that approximately 40 million cards of various brands were exposed. Since this breach, we…

Visa and MasterCard Make Their Money on PIN-based Debit Transactions

In previous posts I have talked about Visa and MasterCard turning to Debit and prepaid cards to re-coop money lost on defaulted credit cards. PIN-based debit transactions type of cards used to be the cheapest form of electronic payment a merchant could accept – that seems to…