Banks and retailers continue their back-and-forth argument (via Payments News) over who should bear the burden of implementing new security guidelines handed down by credit-card companies. Retailers complain that they're having to shell out, while banks fire back that they're not the ones whose lack of compliance with security standards are contributing to breaches and data leaks. The incompetence of some retailers, in terms of security, is pretty astounding, and it seems fairly clear that they should implement better protections, particularly since it's the banks that get left holding the bag after breaches and fraud. Collectively, it sounds like both sides are trying to pass the buck, and get away with doing as little as possible under the standards the credit-card companies set. Those standards, then, don't sound like they're enforced particularly stringently, and they're backed up with meaningless fines. For instance, an AT&T exec says Visa has threatened the company with paltry fines of $25,000 per month for not complying with new standards. The problem here seems to be a focus on compliance, though, rather than security. The issue doesn't seem to be creating secure systems to reduce risk, but rather spending as little money as possible to get in compliance with a set of standards, with little regard for the efficacy of the standards themselves.
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