The credit card industry focuses too much on reducing its own fraud costs and not enough on protecting consumers
Published:
28 February 2003 y., Friday
That's the central claim in a new report from research firm Gartner that slams credit card companies for failing to notify consumers when credit card records are compromised by malicious hackers.
The report notes that while credit card companies' "zero-liability" policies protect card holders from paying for unauthorized or fraudulent charges, they do not protect consumers from identity theft and the credit report hell that can follow.
Avivah Litan, Gartner vice president and the report's co-author, said when security breaches happen, banks that issue credit cards seldom notify consumers.
On Feb. 18, Visa, MasterCard and American Express confirmed that a malicious hacker had gotten access to 8 million credit card records through Data Processors International, a company that processes credit card transactions for mail order and online businesses.
The credit card companies quickly issued statements saying none of the stolen card-holder information was used fraudulently, and that all card-issuing banks had been alerted to the problem.
Šaltinis:
wired.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Software company announced new structure_ of it_s business.
more »
Hewlett Packard is due to launch a new desktop computer in the UK, with pre-release users currently including interior designer Sophie Conran and her son Felix Conran.
more »
Unisys Corp. the Blue Bell computer services and systems company, said it named Peter A. Altabef as president and chief executive officer, effective Jan. 1.
more »
IBC has named Tim Richards as the next chairman of its Partnership Board. He will take over from Mike Martin, who retires at the end of 2014.
more »
Unisys has won a contract to provide the US Defense Information Systems Agency (DISA) with a range of data centre support services.
more »
Networking solutions giant Cisco today said it has signed a multi-year agreement with software major Microsoft to modernise data centres.
more »
Cisco, a leading provider of wired and wireless network solutions, today announced it has been positioned by Gartner, Inc. in the Leader's quadrant of The 2014 Gartner Magic Quadrant for the Wired and Wireless LAN Access Infrastructure.
more »
US giant Cisco Systems has announced plans to build a global InterCloud - the world's largest network of clouds - in collaboration with a set of partners.
more »
Microsoft may have released a basic Office app for Android phones almost a year ago, but the company is now building a suite designed specifically for Android tablets.
more »
Google Docs now offers its users with the option of editing all types of Microsoft Office.
more »
Cisco announced today that it has acquired cloud platform startup Assemblage, as the company continues its focus on enterprise collaboration.
more »